Tag: Odious Debts

SNC barred from bidding

(June 22, 2004) In a case kept quiet until now, Canada’s biggest engineering firm, SNC-Lavalin Group Inc., has emerged as the first major Western firm known to have been punished for fraud by one of the giant international agencies that finance development in poor countries.

G8 fails to write off Africa’s debt but promises help for Aids vaccine

(June 14, 2004) The leading industrial powers plan to help Africa by developing an anti-Aids vaccine and training thousands of new peace-keepers, but did not come up with the hoped for breakthrough on forgiving debt for the world’s poorest countries, almost all of them African. The announcements came as part of an "Africa Outreach" at the final session of the G8 summit that was attended by six African heads of government. Debt of the 42 poorest and most indebted countries totalled $35 billion, Irungu Houghton, an Oxfam spokesman said. "If G8 leaders are willing to write off $90 billion for Iraq, why not a third of that for Africa?