Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

U.S. Backs Chad Loan




WASHINGTON -- The U.S. Export-Import Bank gave preliminary approval Wednesday to a $300 million loan guarantee that will help build a controversial oil pipeline between Chad and Cameroon in sub-Saharan Africa.


The loan guarantee is the first financing from a U.S. credit agency following the World Bank's decision last week to provide loans to build the $3.5 billion project, which will develop about 300 oil wells in the south of land-locked Chad and transport the oil 1,050 kilometers to Cameroon's Atlantic coast port of Kribi for export.


Critics say the project will help prop up Chad's government, which has been accused of numerous human rights abuses.