Land conflicts and shady finances plague DR Congo palm oil company backed by development funds

RIAO-RDC, AEFJN/AFJN, Entraide et Fraternité, GRAIN, SOS Faim, UMOYA, urgewald, War on Want and World Rainforest Movement | 2 November 2016 | français, español
(Photo: Oskar Epelde) RIAO-RDC, AEFJN/AFJN, Entraide et Fraternité, GRAIN, SOS Faim, UMOYA,

European and US development funds are bankrolling palm oil company Feronia Inc despite land and labour conflicts at its plantations in the Democratic Republic of the Congo (DRC). New information now raises questions as to whether the Canadian-based company misused millions of taxpayer dollars destined for international aid by way of companies connected to a high-level DRC politician.

Canadian-based agribusiness company Feronia Inc is majority owned by the UK government’s CDC and other European and US development banks. Since 2012, development finance institutions (DFIs) have provided or committed nearly US$120 million to Feronia and its subsidiaries. DFIs claim to follow high standards for due diligence and are mandated to invest in private companies that contribute to the alleviation of poverty.

A report released today by African, European and international organisations provides further evidence to back the claims of local communities that Feronia is illegally occupying over 100,000 ha of land for its oil palm plantations and that wages for workers on the plantations remain

http://www.farmlandgrab.org/post/view/26662-land-conflicts-and-shady-finances-plague-dr-congo-palm-oil-company-backed-by-development-funds

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