The ING Group has said that it will not participate in the controversial papermill project in Uruguay which has seen its World Bank funding frozen following unfavourable environmental impact assessments.The project, led by Finland's Metsa-Botnia and Spain's Ence is opposed by Argentina, which it believes will cause significant pollution. Uruguay insists that all appropriate measures have been taken.
ING Group,is a signatory of the Equator Principles,and it was expected to provide significant finance for Botnia's role in the project.
