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ADB pulls out of controversial coal project in Bangladesh May 8th, 2008
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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