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Article: Chad reneges on vow to use oil to help poor World Bank expresses 'serious concerns'
- Article from:
- International Herald Tribune
- Article date:
- December 14, 2005
- Author:
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Lydia Polgreen
International Herald Tribune
12-14-2005
When the World Bank said more than five years ago that it would help Chad build a $4.2 billion pipeline to export oil, it seemed to counter the trend that oil wealth creates more problems for poor countries than it solves.In exchange for World Bank loans to build an underground pipeline stretching 1,070 kilometers, or 660 miles, through Cameroon, the Chadian government passed a law requiring that almost all the money earned on oil exports be spent for poverty reduction and 10 percent put aside for future generations after the estimated one billion barrels of oil have been exhausted. But in October, Chad's government abruptly announced ...