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Report: The worst dams, mining and oil companies financed by the World Bank

Report: The worst dams, mining and oil companies financed by the World Bank

The text reviews some of the worst extractive and energy projects financed by these institutions.

These high-risk social and environmental initiatives would never have materialized without their support, because they would not have obtained the necessary financing.

Between 1993 and 2001, IFC provided financing to 33 mining projects for a total of US $ 681 million.

Some of the most questioned were Omai in Guyana, Yanacocha and Antamina in Peru, Bajo La Alumbrera in Argentina, Marlin in Guatemala and Loma de Níquel in Venezuela.

In recent decades the World Bank has been one of the main funders of large dams. While they provide cheap energy and clean water, they also leave a vast legacy of environmental devastation.

Among the worst dams financed by the World Bank we find Yacyretá on the border between Paraguay and Argentina, Agua Zarca in Honduras, Sardar Sarovar in India and Chixoy in Guatemala.

According to the organization Convoca.pe, in the last 21 years the World Bank-IMF financed projects for US $ 2,217 million in Peru and the main sectors benefiting from loans were finance (38%) and hydrocarbons and mining (29%).

In the hydrocarbons sector, IFC finances at least two companies that violate the rights of indigenous peoples in the Peruvian Amazon: Hunt Oil and Maple Energy.

The reprint can be downloaded in PDF format (1 MB, 6 pages) at the following link

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