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Article

29 Dec 2005

Author:
Centro de Derechos Humanos y Ambiente (CEDHA) [Argentina]

[DOC] ING Group says it would not finance Pulp Paper Mills if Argentina did not Agree to Investment

The ING Group of Holland, which is slated to provide an important portion of the financing needed for a pulp paper mill investment in Fray Bentos Uruguay, responded to the Equator Principle Compliance Complaint filed by CEDHA that IT WOULD NOT finance projects that do not comply with the Equator Principles, and particularly that financing to the Uruguayan papermills would be contingent on approval of the Binational Technical Committee of the Uruguay River (CARU). With this requirement, if the Argentine government opposed the installation of the mills, which is the case presently, ING Group would withdraw its support to the investment.