IDB Delays Vote on Camisea Loans to Aug. 6

The board of directors of the Inter-American Development Bank (IDB) has delayed voting on a direct US$75mn capital loan and a syndicated B loan of up to US$60mn to Peru's Camisea natural gas project until August 6, an IDB source told BNamericas.

IDB president Enrique Iglesias requested the postponement to give member countries more time to consult with their governments, the source said. The scheduled decision date was Wednesday.

Pressure from environmental groups opposed to the project could also have contributed to the vote being delayed. According to IDB rules, the board's President and 14 executive directors, representing 46 countries, can request a postponement of one week, and not two weeks as previously reported by BNamericas.

On August 6, the president or one or more directors can request another postponement of one month, as long as they give "economic" reasons in writing stating why the vote should be delayed. After that, two or more directors can request another postponement of two months, again giving their reasons in writing. The US Export Import Bank (Ex-Im) is considering a US$200mn loan for the upstream part of the project. Ex-Im's board of directors has not yet set a date to consider the loan.

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