September 9, 2008 / 7:17 PM / 11 years ago

World Bank cancels pipeline deal with Chad

WASHINGTON, Sept 9 (Reuters) - The World Bank has canceled a 2006 oil pipeline agreement with Chad and ordered the central African country to prepay $65.7 million outstanding under the $140.7 million loan deal, a bank official said on Tuesday.

The World Bank official said Chad had failed to comply with key requirements of the deal in which the government had agreed to earmark a large slice of oil revenues for local communities, health and education.

“Regrettably, it became evident that the arrangements that had underpinned the Bank’s involvement in the Chad/Cameroon pipeline project were not working,” the official said, adding: “The bank therefore concluded that it could not continue to support this project under these circumstances. (Reporting by Lesley Wroughton, Editing by Chizu Nomiyama)

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