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Uruguay: ING decides not to continue involvement in Botnia's pulp mill project

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Article
12 April 2006

Bank withholds Uruguay mill cash

Author: BBC

The World Bank is to withhold $400m (£229m) in support for two controversial Uruguayan paper mills. It said it was holding back the payment to allow for further studies into the potential environmental impact of the facilities on the Argentinean border...The mills are being built...by Finland's Metsa-Botnia and Spain's Ence.

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Article
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Author: La Nación [Argentina]

ING Group desistió considerar el pedido de dinero de la empresa finlandesa, aunque no precisó sus razones; Entre Ríos había alertado a la entidad crediticia sobre la posible contaminación - El banco holandés ING Group decidió no dar un crédito pedido por la empresa finlandesa Botnia para la construcción de su planta de fabricación de pasta celulosa en Fray Bentos...LANACION.com intentó comunicarse con voceros del banco para ampliar la información, pero ya no había nadie en la sede holandesa...[L]a organización [Centro de Derechos Humanos y Ambiente (Cedha)]...realizó otras presentaciones en los bancos Nordea, de Noruega, en BBVA, ICO, y CESCE, de España, y en Finnvera, de Finlandia.

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Article
12 April 2006

[DOC] ING Group of Netherlands pulls out of controversial papermill while World Bank postpones loans following critical review of environmental impact studies [Uruguay]

Author: CEDHA (Center for Human Rights and Environment / Centro de Derechos Humanos y Ambiente)

...ING Group communicated to CEDHA that following recommendation by its advisory and coordinating team,...ING’s participation in the multimillion dollar Finnish papermill mill project by Botnia in Uruguay “is no longer in consideration”. In parallel, and just a few days earlier, the International Finance Corporation announced it would postpone consideration of loans to the papermill projects by ENCE of Spain and Botnia of Finland, until new identified shortcomings of the environmental and social impact studies could be addressed...The withdrawal of ING from the Botnia project responds to the systematic violations of both projects to policy, regulations and norms stipulating conditions for responsible and sustainable investment, including violations to the Equator Principles, violations that have been confirmed by the CAO.

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Article
12 April 2006

[PDF] ING’s involvement in Botnia’s pulp mill project in Uruguay

Author: ING

With respect to ING’s involvement in Botnia’s pulp mill project in Uruguay, we kindly inform you that ING’s advisory and coordinating role in relation to this project has been concluded. In agreement with the project sponsor, ING’s further participation in the process – whereby funds would be made available to the project – is no longer under consideration. Please note that this is the joint decision of parties involved. With regard to concerns expressed by several organizations on ING’s involvement in Botnia’s pulp mill project, this joint decision was not based on the assessment of the project’s compliance with Equator Principles.

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