'Public development banks must stop propping up a failing system, stand alongside Indigenous groups, and stop financing factory farming,' said KariHamerschlag of foe_us. PRONACAContamina.
published Monday reveals how multilateral development banks' financing of factory farms has unleashed significant social and ecological harm in Ecuador, and civil society groups say the banks' failure to consult or compensate affected Indigenous communities violates Ecuadorian law and their own policies.
"By giving millions of dollars of public money to PRONACA, IDB Invest and the IFC are violating their own policies and causing negative impacts to Indigenous communities and fragile ecosystems in Santo Domingo de los Tsáchilas," Kari Hamerschlag, deputy director of the Food and Agriculture Program at Friends of the Earth U.S.
It is based on surveys of local residents that CEDENMA, an alliance of 52 environmental groups, conducted in the wake of the most recent round of PDB lending to PRONACA. IDB Invest provided its first loan, worth $50 million, to the company in 2020. IFC followed up with a $50 million loan of its own in 2021, though the World Bank Group's latest PRONACA financing came on top of the $120 million it had already lent to the company.
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