World Bank resists Oxfam’s call to suspend large-scale agriculture investment

In Washington, the World Bank has decided that it will continue to fund large-scale agricultural land acquisition projects despite rising pressure following an Oxfam report on the negative effects suffered by developing countries from international land speculation. The World Bank recognized Oxfam’s concerns but announced it did not believe that suspending investment in large-scale agricultural projects was beneficial at a time when global food prices are rapidly increasing. Oxfam’s report states that between 2000-2010, two-thirds of the investments in developing countries were for export only, including food and biofuel crops.