Biofuels, however, are apparently more profitable for large plantation 'owners,' in part because they are being subsidized by Clean Development Mechanism and favorable loans from multilateral development banks.Between 2006 and today, a handful of cane and palm oil producers have received funding from the CABEI, and the IDB's (Inter-American Development Bank) private sector lending agency, the Inter-American Investment Corporation. In May 2007, the IDB held its Annual General Meeting in Guatemala City, promising financing for biofuel production through funding projects that had been in the planning for several years.
The Ingenio Magdelena, like the Ingenio Guadelupe, received CABEI funds. The Pantaleon sugar operation, of which the Widmann family is a large shareholder, benefitted from an IDB loan.Given that both the CABIE and the IDB are government-sponsored and -controlled funding agencies, the fact that close relatives of the then president benefit from these resources raises red flags of corruption and nepotisim. Carlos Widmann's sister was the First Lady, and Widmann's nephew, son of then President Berger, was on the board of the Guatemalan bank that facilitated the more than $30 million in CABEI funds.
[also read>IDB Megaprojects: Displacement, Destruction, and Deception http://www.cipamericas.org/archives/2059
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