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World Bank approves funding for Uruguay pulp mill

Author: Reuters, Published on: 22 November 2006

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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Related companies: ENCE Metsä Fibre Oy (formerly Metsä-Botnia)