World Bank backs away from Bertin

10 July 2009

A chorus of voices are celebrating the news that the International Finance Corporation (IFC), the private sector arm of the World Bank, has withdrawn a $90 million loan to the Brazilian cattle farming company Bertin (see Update 55). In the Brazilian Amazon, 80 per cent of deforested land is used for cattle farming. Paulo Adario of Greenpeace Brazil called on the Bank to “guarantee that it will not invest in such damaging projects in the future.” The IFC press release has not mentioned any environmental reasons for the withdrawal, insisting instead on their commitment to sustainability in the beef sector in Brazil.