Chad’s Oil. Miracle or Mirrage: Following the Money in Africa’s Newest Petro-State
The controversial Chad-Cameroon Oil Development and Pipeline Project was widely seen as a test case for how a country could overcome the “resource curse” by consciously using oil production revenues to reduce poverty. The $4.2 billion project, with its 665-mile pipeline was led by Exxon-Mobile with financing from the World Bank and the International Finance Corporation. Calls from CRS and other international organizations working together with the Catholic Church, local organizations, and affected communities in Chad and Cameroon led to some changes in the project, including improvements in environmental and social impact measures and a requirement that the government of Chad dedicate the majority of the oil revenues it received to health, education and other poverty reduction programs.
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Tags: Natural Resources, Oil, poverty, world bank