http://www.seen.org/(Sustianable Energy and Economy Network)
World Bank withdraws support from Chad oil export project
In January 2006, World Bank president Paul Wolfowitz suspended $124 million in loans to the government of Chad, in response to that government's unilateral decision to change the terms of its petroleum revenue management agreement. This action follows years of warnings by non-governmental organizations about this project's potential to fuel climate change, corruption, and repression.
The Chad-Cameroon oil export project, led by Exxon-Mobil, was made possible by over $1 billion in approved loans, credits and insurance from the World Bank Group and other international finance institutions and export credit agencies. The U.S. Export-Import Bank, which approved up to $300 million in loan guarantees for the project, has made no comment since the World Bank's announcement.
"Wolfowitz's decision to suspend payment to Chad is a bit like closing the barn door after the horses have fled," SEEN co-director Daphne Wysham told Inter Press Service. "It's a nice gesture, but is largely symbolic."
"If Wolfowitz really wanted to take meaningful action, he would implement the recommendations contained in the World Bank-initiated Extractive Industries Review. Anything less is inviting similar scenarios to play out in the future -- with the poorest paying the highest price."
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And yes, the Wiki reference was of great help!
Thank you!
.....but I seem to remember reading the article about
this admministraion saying the war was about oil right here on DU....