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Business/Finance

WORLD BANK/OIL DEALBack
[Published: Tuesday September 09 2008]

World Bank cancels Chad oil deal

Washington, 10 Sept-(ANA)- TheWorld Bank has cancelled an oil pipeline deal with Chad after a dispute withthe government over failed pledges to use profits to tackle poverty, it hasbeen announced.

The banks director ofoperations for Africa Michel Wormser said Chad had also failed to userevenues on health and education.

Chad had paid the outstanding balance of .7m(37m) under a 0m loan agreement, the bank said, after talks with thegovernment of President Idriss Deby.

The pipeline was seen as atest case for how Africa's oil wealth couldbenefit the poor if spent properly.

The central African countryis expected to earn about .4bn in oil revenues this year. (ANA)

FA/ANA/10 September 2008---


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