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Two new reports confirm the need for lenders to exit responsibly from the Agua Zarca hydroelectric project in Honduras

Author: SOMO & Both ENDS , Published on: 30 September 2016

…Last week, the report of an independent factfinding 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 which 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 welcome FMO’s exit of the project and cautions FMO not to pass along this flawed project to another lender…[T]he United Nations Special Rapporteur on the Rights of Indigenous Peoples…who condemned the Agua Zarca Project…questioning why the lenders did not take the violence surrounding the project more seriously, stating, “It is worrying that, despite this situation, the investing banks never saw a reason to question their support to the Project.”…

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Related companies: Desarrollos Energéticos (DESA) FMO