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End to World Bank's Chad oil deal | End to World Bank's Chad oil deal |
(about 2 hours later) | |
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 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. | 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. | 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. | |
The pipeline was seen as a test case for how Africa's oil wealth could benefit the poor if spent properly. | The pipeline was seen as a test case for how Africa's oil wealth could benefit the poor if spent properly. |
'Improve governance' | 'Improve governance' |
The central African country is expected to earn about $1.4bn in oil revenues this year. | The central African country is expected to earn about $1.4bn in oil revenues this year. |
"Regrettably, it became evident that the arrangements that had underpinned the bank's involvement in the Chad-Cameroon pipeline project were not working," said Michel Wormser, the bank's director of operations for Africa. | "Regrettably, it became evident that the arrangements that had underpinned the bank's involvement in the Chad-Cameroon pipeline project were not working," said Michel Wormser, the bank's director of operations for Africa. |
"The bank therefore concluded that it could not continue to support this project under these circumstances." | "The bank therefore concluded that it could not continue to support this project under these circumstances." |
But he said future cooperation was possible "if the government of Chad wishes to focus its energies on a programme to support inclusive development to overcome poverty, assist displaced people and improve governance". | But he said future cooperation was possible "if the government of Chad wishes to focus its energies on a programme to support inclusive development to overcome poverty, assist displaced people and improve governance". |
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