30 Nov '12, 11pm

Brazilian bank approves $10.8 billion loan for controversial Amazon rainforest dam

mongabay.com November 30, 2012 Belo Monte location. Courtesy of Google Earth. Brazil's National Development Bank (BNDES) on Monday announced it has approved a $10.8 billion (22.5 billion Brazilian reais) loan to the consortium that is building the controversial Belo Monte dam in the state of Par´ in the heart of the Amazon rainforest, reports International Rivers, a group that is campaigning against the dam. The loan in the largest in the bank's 60-year history, according to the group. Belo Monte is controversial on several grounds. Environmentalists and indigenous groups oppose the project for its potential social and environmental impacts, including forced displacement of river-dependent communities, inundation of tens of thousands of hectares of forest, and disruption of the Xingu River, one of the Amazon's largest tributaries and home to a number of commercially-import...

Full article: http://news.mongabay.com/2012/1130-money-for-belo-monte.html

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