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Two new reports confirm the need for lenders to xexit responsibly from the Agua Zarca Hydroelectric Project in Honduras
Last week, the report of an independent fact-finding mission (IM) commissioned by the Dutch development bank, FMO, showed that the lenders failed to ensure that the Agua Zarca Hydroelectric Project in Honduras complied with international standards. The report also stated that the project provoked and deepened violence amongst communities who would be affected by the project. In response to this report, the FMO committed to exit the project in a responsible way after they consult with all stakeholders. SOMO and Both ENDS welcomes FMO’s exit from the project and cautions FMO not to pass along this flawed project to another lender.
Ombudsman finds the IFC failed to comply with its investment standards in Colombia
The office of the Compliance Advisor Ombudsman (CAO) has issued its final report on the complaint brought against the International Finance Corporation's (IFC) investment in Eco Oro Minerals’ Angostura mine in the high-altitude wetlands – known as páramos – of Santurbán, Colombia. The office warned that the corporation has not met all the standards required of its investments, including an assessment of potential impacts on biodiversity.