Tag: World Bank

PRESS RELEASE: World Bank dam will generate debt burden for Laotians

(April 1, 2005) The World Bank’s decision to finance the US$1.2 billion Nam Theun 2 hydro project will become an intractable debt burden for Laotians in years to come, warns Probe International, a Canadian-based foreign aid watchdog. "It is projects like Nam Theun 2 that eventually need debt forgiveness because they are not economically viable and they don’t generate the wealth needed to repay the loans," said Patricia Adams, Probe’s executive director and an expert on odious Third World debt.