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