World Bank Cancels Chad Pipeline Deal

The World Bank withdrew a $4 billion pipeline project in Chad after the government failed to honor an agreement signed in 2001 to ensure oil revenue would be spent on boosting the economy. The pioneering project was once dubbed as a model for oil wealth management in Africa. (Financial Times) The World Bank said Chad’s president, Idriss Deby, has instead used the revenue to consolidate his grip on power. (Guardian)

Sources:

World Bank Quits Chad Plan, The Financial Times

World Bank Pulls Out Of Pioneering Deal With Chad, The Guardian