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European banks accused of fuelling land grabs in Uganda

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Thursday, 06 June 2013

European banks accused of fuelling land grabs in Uganda

Several well-known European banks and pension funds have financed a palm oil project in Uganda that has caused land grabs and deforestation, a new research paper commissioned by Friends of the Earth (FoE) has found.
Household banking names such as HSBC, BNP Paribas, Deutsche Bank and Rabobank have offered over €1 billion of financial assistance worth to Wilmar International, a Singapore-based agribusiness company, according to the quoted research.
The report says that a palm oil project on Uganda’s Kalangala Island led by Wilmar has displaced local communities, increased food insecurity, rendered local water sources unusable, and caused 3,600 hectares of deforestation.

The majority of Wilmar’s Western backers have sustainability principles that are supposed to guide their investments, but FoE complains that they are slow to act on them.

Source: Euractiv