CAMEROON/CHAD: World Bank gives go-ahead

Wednesday, June 21, 2000 - 10:00


World Bank gives go-ahead


The World Bank board on June 6 approved a controversial plan to build
an oil and gas pipeline from southern Chad, in central Africa, to the coast
of Cameroon. The pipeline is a joint venture between oil multinationals
ExxonMobil, Chevron and Petronas.

The plan has been bitterly opposed by environmentalists and local communities,
who say the pipeline will pollute forests and waterways while returning
little to the people of the two countries.

The World Bank, which will finance the two governments' US$93 million
equity shares and invest $100 million from its International Finance Corporation
arm, claims the project is “an unprecedented framework to transform oil
wealth into direct benefits for the poor, the vulnerable and the environment”.

BY SEAN HEALY



 

From GLW issue 409