How the funding of a colonial-era oil palm plantation by European development banks dramatically failed: new report

A new report by an alliance of civil society organisations chronicles one of the most scandalous failures of development bank investment in agriculture. The report, Development Finance as Agro-Colonialism: European Development Bank funding of Feronia-PHC oil palm plantations in the DR Congo, details how Europe's largest development banks poured upwards of US$150 million into an oil palm plantation company despite the company's long-standing land conflicts with local communities and the allegations of serious human rights violations and corruption made against it.

The case makes clear why development banks must immediately stop funding companies engaged in large-scale plantations and industrial agriculture, and why they must fully support efforts by communities struggling against companies they have funded for reparations and the restitution of their lands.

The report is published by RIAO-RDC (DR Congo), FIAN Belgium, Entraide et Fraternité (Belgium), CCFD-Terre Solidaire (France), FIAN Germany, urgewald (Germany), Milieudefensie (The Netherlands), The Corner House (UK), Global Justice Now! (UK), World Rainforest Movement (International), and GRAIN (International).