Loan Approved for $1.6-Billion Peru Natural Gas Project
The IDB's board of executive directors cleared the financial aid for the Camisea project on Sept. 10, but the board member from the U.S., Jose A. Fourquet, abstained. Fourquet cited several reasons for his abstention, including "indications that private financing may be available on favorable terms, " and that the U.S. has "not been able to allay doubts about the adequacy of the environmental assessment conducted for the project."
Environmental groups have opposed the Camisea project, which is under construction, contending it would harm the Amazon forest, as well as a reserve for indigenous people and another reserve for marine life.