World Bank Says Chad Changing Oil Rules

The World Bank on Thursday accused the parliament of Chad, one of the world’s poorest countries, of putting its poorest people at risk by canceling requirements that some oil revenues reduce poverty.

The rules are part of a 1999 agreement with the World Bank to get financing for the Chad-Cameroon Oil Pipeline Project, which was completed in 2003.

Loans for the $4.1 billion project – which transports oil from landlocked Chad in central Africa through Cameroon to the Douala area for export – required that a large portion of the oil revenues be used to reduce poverty.

Forbes