Monday, October 23, 2006

World Bank To Fund Pulp Mill Project?

The World Bank Group’s International Finance Corporation and Multilateral Investment Guarantee Agency announced that they will ask their Boards of Directors to approve IFC financing and MIGA guarantee support for Oy-Metsa Botnia’s Orion pulp mill project in Uruguay.

Despite the environmental degradation and social conflict produced by two pulp mills on the Uruguayan/Argentine border, the World Bank in its revised cumulative impact study has determined that the Orion pulp mill project will "comply with IFC and MIGA's environmental and social policies while generating significant economic benefits for the Uruguayan economy."

The other side of the story from conservationists and local citizens...(Spanish)

More from the World Bank....

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