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MEI Online: Environmental Issues: Latest News: May 24th 2002

:: New Environmental Fund Launched  

The World Bank is to create a new fund designed to assist small and mid-sized mining companies meet new environmental standards in developing countries. According to Peter Woike, vice president of the World Bank's International Finance Corp., mining companies that need help in conforming to the new environmental standards, in resettling local residents or that are experiencing technical problems in developing countries, will be eligible for funding.

The fund, projected to be worth up to US$5 million, will be established using contributions from larger mining companies and certain governments. Mr Woike anticipates that the fund will be operational by the end of this year.



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