Press Release - July 11, 2007

 Plans by US, Canada and EU to finance massive copper mine in DRC disregard Congolese government review of mining deals

On July 12, the US government’s Overseas Private Investment Corporation (OPIC) is set to give its backing to mining major Phelps Dodge/Freeport McMoRan for the company’s Tenke Fungurume copper project in the Democratic Republic of Congo (DRC). Other public lenders such as Export Development Canada (EDC) and the European Investment Bank (EIB) are expected to follow suit. These financing plans are proceeding in spite of the fact that the Tenke deal is among 60 contracts currently under review by the Congolese government.

Press Responses - May 13, 2005

Dams Could Win OECD Support
Sanjay Suri

BONN , May 13 (IPS) - The OECD took a controversial decision Friday to consider loans for large dams on favourable terms.

The Organisation for Economic Cooperation and Development (OECD), a grouping of 30 rich nations, took a provisional decision to consider loans for hydropower projects that could be repaid over 15 years in place of the present ceiling of eight-and-a-half years.

The OECD at present allows 15-year repayment for nuclear power projects. The decision Friday brings hydro projects on a par with repayment terms for nuclear projects.

The provisional decision is subject to discussions between OECD officials and experts from several disciplines over the next six months.

Non-governmental organisations want the experts and officials to particularly consider the recommendations of the World Commission on Dams (WCD).