Chad defies World Bank over oil

Chadian President Idriss Deby has given his final approval to a new law on oil revenues despite the suspension of World Bank loans worth $124m.

The law reduces the proportion of the profits from a pipeline earmarked to be spent on fighting long-term poverty.
The World Bank agreed to finance 4% of the $4bn oil project on condition these profits went towards development.

Mr Deby has denounced last week’s move by the bank as foreign pressure and an attack on Chad’s sovereignty.

BBC