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Ticon's Benin failure: Should have predicted the devaluation

In newsletter 3/96 we mentioned Ticon's unsuccessful fisheries projects in Uganda, Angola, and Benin. We have received interesting information from Erik Blytt Halvorsen in Aksjon slett u-landsgjelda! (Action for debt relief in developing countries, SLUG) which places Ticon's/NORAD's involvement in the fish-processing company Chaine de Froid Regionale in a critical light.
Artikkelen er mer enn to år gammel. Ting kan ha endret seg.
In newsletter 3/96 we mentioned Ticon's unsuccessful fisheries projects in Uganda, Angola, and Benin. We have received interesting information from Erik Blytt Halvorsen in Aksjon slett u-landsgjelda! (Action for debt relief in developing countries, SLUG) which places Ticon's/NORAD's involvement in the fish-processing company Chaine de Froid Regionale in a critical light.

According to a country study Blytt Halvorsen has recently prepared for Benin, the devaluation of 100% which the country effected in January 1994, should hardly be a surprise to those who were involved in the country. Ticon has put part of the blame for the failure of the project on the devaluation. According to SLUG the devaluation was a result of pressure from the International Monetary Fund (IMF), which all the Western countries supported. Therefore this should not be surprising for Norwegian investors in the country in any way, according to Blytt Halvorsen.

In NORAD, NorWatch is informed that the creditors of the company Chaine de Froid Regionale have now made a composition, and their hope is to have parts of the over 13 million kroner loan eventually repaid. The example explicitly illustrates how poor work by the West, can bring upon developing countries a debt which they will have to struggle with for many years

Norwatch Newsletter 8/97