World Bank Plans to Fund Risky Project Involving Shell in Nigeria

The Institute for Policy Studies and Friends of the Earth today denounced the World Banks plans to approve a $15 million loan to a financial intermediary that would provide subcontracting services to Shell Oil Corporation in the Niger Delta of Nigeria. The loan, which would be provided by the World Bank's private sector lending arm, the International Finance Corporation (IFC), would provide hard currency to banks in the Niger Delta who could then onlend to subcontractors providing services to the Shell Oil Corporation. It is set to be approved next week.