Monday, September 15, 2008

End to World Bank's Chad oil deal


The World Bank has cancelled an oil pipeline deal with Chad after a dispute with the government over failed pledges to use profits to tackle poverty.

The bank said Chad had also failed to use revenues on health and education.

It said Chad had paid the outstanding balance of $65.7m (£37m) under a $140m loan agreement, after talks with the government of President Idriss Deby.

Chad called the decision "practically consensual" and that relations would continue in non-oil sectors.

See full Article.