ING sells Dakota Access pipeline loan
USA
AMSTERDAM, March 22, 2017 – Dutch banking group ING has sold its loan to the Dakota Access pipeline, it said in a press release late on Tuesday, becoming the first bank to withdraw its financing for the project.
The decision to offload its debt followed negotiations with the Standing Rock Sioux Tribe in February, which led ING to withdraw its USD 120-million share from the Citibank-led USD 2.5-billion lending effort, backed by 17 banks.
ING also said it had sold stakes in parent companies involved in the pipeline project, which represented a value of some USD 220 million.
The group cited “concerns about the project and the violence used against the protesters,” as well as “the lack of constructiveness and respect shown by the companies, our clients,” as reasons for its decision.
The move was “applauded” by Standing Rock Sioux Tribe Chairman Dave Archambault II.
“We are heartened that ING has made the conscious decision to remove itself from a project that tramples on the rights of sovereign nations,” he said in a press release.
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