The International Finance Corporation (IFC), a member of the World Bank Group and funded, in part, by public monies intended for development of small economies to raise the living standard worldwide, recently approved a $200 million loan to an agricultural conglomerate with $49 billion in revenue in 2021 for growing soy and corn in the Cerrado area of Brazil — previously rainforest, according to Kelly McNamara, Senior Research and Policy Analyst at Friends of the Earth. The crops depend heavily on pesticide use, fossil fuel fertilizer, and results in displacement of small farmers, which goes against the IFC’s own policies.
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