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ADB pulls out of controversial
coal project in Bangladesh
The Asian Development Bank
has decided to withdraw a funding request for the controversial Phulbari
Coal Project in Bangladesh. The ADB’s Board was slated to approve a
US$100 million loan and US$200 million political risk guarantee for the
project on June 3, 2008.
This comes as another major blow to the UK based
company GCM Resources (formerly known as Asia Energy), which aims to
establish one of the world’s largest open pit coal mines near the town
of Phulbari in northwestern Bangladesh. GCM/Asia Energy was forced to
shut down operations and leave the project area after a major protest of
over 50,000 people in 2006. Three people died and hundreds were injured
as government-backed paramilitary forces fired upon the protesters.
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