Background | Espaņol | Related Press Releases |
On November 13, 2007, IFC released reports from two independent external consultants that indicate that Botnia's Orion pulp mill in Uruguay is ready to operate in accordance with IFC's environmental and social requirements and international BAT standards. IFC also provided an updated Environmental and Social Action Plan, reflecting the status of Botnia's compliance with the issues to be addressed as a condition of IFC financing of the project. The reports and updated ESAP confirm that the Orion pulp mill will generate major economic benefits for Uruguay and will not cause harm to the environment.
The following documents were posted on November 13, 2007:
On November 21, 2006, the boards of directors of the International Finance Corporation and the Multilateral Investment Guarantee Agency approved a $170 million investment by IFC and a guarantee of up to $350 million from MIGA for the Orion pulp mill project in Uruguay. The two organizations, after completing a thorough review of the facts, are convinced that the mill will generate significant economic benefits for Uruguay and cause no environmental harm.
The decision to proceed was based on an extensive due diligence process, which included the conclusive and positive findings of a
cumulative impact study and a subsequent review of the study undertaken by independent experts (the Hatfield report, available in
Spanish and
English). The conclusions of the study and the experts' report confirm that the mill will comply with IFC and MIGA's environmental and social policies while generating significant economic benefits for the Uruguayan economy.
Learn more about the
consultation process...
For more information, view the
Summary of Proposed Investment or the
Environmental & Social Review Summary.
