Chad REAL ESTATE MORTGAGE LOANS BANKS

World Bank terminated the oil pipeline deal with Chad after a row with the government of that country because of unfulfilled promises to send profits to fighting poverty, reports the September 10th BBC News.

The bank said that Chad had also failed to profit on the financing of health and education. He added that after talks with the government of President Idriss Deby of Chad (Idriss Deby) country had paid $ 65.7 million remaining under the agreement for a loan size of $ 140 million, Chad called the decision of the Bank’s “almost agreed” and stressed that cooperation in other sectors will continue.

The pipeline is considered a test of how the oil wealth in Africa can help the poor with adequate distribution.

It is expected that oil revenues in Chad this year will amount to about $ 1.4 billion

“Unfortunately, it became clear that agreement, which was determined by the Bank’s participation in the project pipeline linking Chad and Cameroon, are ineffective - Vormser said Michel (Michel Wormser), director of the bank’s operations in Africa. - The Bank, therefore concluded that under the current circumstances he could no longer support this project. “

But he added that cooperation in the future, perhaps, “if the government of Chad wishes to focus its forces on a program to support development to overcome poverty, assist displaced people and improve governance.”