From the Executive Summary:

"WWF's Investor's Guide to Dams provides a wide range of investors -- officials of commercial and multi-lateral development banks, government aid agencies, export credit agencies and governments -- with an overview of the benefits, costs, and risks associated with dam investments, as well as options for mitigating impacts. A checklist to aid decision-making is provided...

The Investor's Guide examines the financial pitfalls that an investor should avoid. Exaggerated projections of benefits may mislead investors, and an overview is provided of areas where exaggeration often occurs, such as the market for power, irrigation benefits and cumulative benefits of multipurpose dams. Geological instability can pose significant risk to investment, especially when dam failure affects many lives and livelihoods, and needs to be well studied and understood. Delays in construction may be caused by many factors, but are often foreseeable - invariably, they lead to cost overruns and add an extra burden to the investor. Resettlement is one of the most controversial and costly areas of dam development and is best avoided wherever possible. Long-term costs of maintenance can offset some of the benefits. While decommissioning is rarely carried out at present, this is becoming more common and can add to the long-term costs. In many instances the state -- rather than the end users -- covers hidden costs of services or resources provided, and this may affect cost recovery and repayment of loans...

The World Commission on Dam's findings and its guidelines, together with this guide, should allow investors to avoid the worst pitfalls in decision-making on dams and assist in identifying good projects for investment."