World Bank approves funding for Botnia's controversial paper mill in Uruguay

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Article
22 November 2006

World Bank approves funding for Uruguay pulp mill

Author: Reuters

The World Bank on Tuesday agreed to finance a controversial pulp mill project in Uruguay that has caused tensions with its neighbor Argentina over concerns it will cause environmental damage to a shared river. The financing by the bank's private-sector lender International Finance Corp (IFC), and its guarantee agency Multilateral Investment Guarantee Agency (MIGA), will provide up to $520 million in loans and insurance for Finnish company Metsa-Botnia's Orion mill on the Uruguay River. [also refers to Ence]

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Article
21 November 2006

Against the Will of 300,000 local stakeholders World Bank Board Approves Loans to Botnia

Author: Center for Human Rights & Environment

Today the Board of Directors of the World Bank, against all legal reasoning and social opposition, approved two loans Botnia to construct one of the world’s largest pulp mills ever. Local sentiment to the decision was conveyed through some of the stakeholders that still remain on the bridge and may do so over the entire summer months: “The World Bank will not be able to quiet the opinion of local people with money and loans”, stated Jorge Frixler, one of over a hundred thousand local residents opposing the investment.

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Article
21 November 2006

IFC and MIGA Board Approves Orion Pulp Mill in Uruguay: 2,500 Jobs to Be Created, No Environmental Harm

Author: IFC (Intl. Finance Corporation)

The boards of directors of the International Finance Corporation and the Multilateral Investment Guarantee Agency today approved a $170 million investment by IFC and a guarantee of up to $350 million from MIGA for the Orion pulp mill project in Uruguay...The Orion mill, majority owned by Finnish company Oy Metsä-Botnia Ab, will be operated to the highest global standards and comply with IFC and MIGA's respective environmental and social standards.

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