Santander Suspends Funding to Brazilian Dams

Santander Bank of Europe has suspended its funding to Brazil’s Santo Antonio dam, citing environmental and social concerns.

The Santo Antonio and another dam, which are being built on the Madeira River in Amazon for a cost of $15bn, will devastate large numbers of indigenous people, including isolated Indians near the dam area, according to local charity Survival International.

Santander, which was supposed to provide about $400m for the dam, has suspended its funding pending the result of further environmental and social impact studies by Brazilian authorities.

Survival’s director Stephen Corry said the dam has so far generated public outrage at the way the government is apparently prepared to ride roughshod over indigenous people in the name of development.

“We hope Santander’s move will send a powerful signal to the authorities in Brazil, and that they might now actually listen to the people on whose lands these dams are being built,” Corry said.