MILLIONS of pounds of British taxpayers’ cash is to help expand an oil plant part-owned by the UK’s richest man.
The firm linked to billionaire steel magnate Lakshmi Mittal has been offered aid budget cash.
A World Bank fund plans to offer a £295million loan — £15million of which will proportionally come from Britain — towards expanding a refinery in Mr Mittal’s native India.
The 62-year-old’s Mittal Energy Investments holds a 49 per cent stake in the project, as does a state-run firm. Mr Mittal’s family is worth £12.7billion.
The refinery is one of dozens of projects bankrolled by the World Bank’s International Finance Corporation. The UK has already given the IFC £650million, or 5.1 per cent of its capital.
News of the proposed refinery loan comes just days after David Cameron pledged to press ahead with plans to increase Britain’s aid spending to £12billion a year, 0.7 per cent of national income.