Partner Letter to IFC: Industrial Pesquera Santa Priscila, Ecuador (May 2022)
Stop Financing Factory Farming
5th September '24
In May 2022 our partners at Sinergia Animal, Protección Animal Ecuador, International Accountability Project, and Terranimal contacted the IFC Executive Directors to highlight serious concerns about a planned $45 million loan to Industrial Pesquera Santa Priscila S.A., Ecuador’s largest shrimp exporter.
This loan aims to fund the company’s expansion, but it risks exacerbating corporate consolidation in an industry already linked to widespread mangrove destruction. Research shows that such expansions have negatively impacted local communities, leaving many residents struggling to meet basic needs.
Despite acknowledging the potential for displacement of people, the IFC did not conduct public consultations, and the company lacks a centralized grievance record. Even with these significant risks, the project wasn’t classified as Category A, which would require stricter oversight.
Given these concerns, they urged the board to vote against this loan.
The Ecuadorian shrimp industry has led to massive clearing of mangroves and research has shown that “local livelihood options and economic wellbeing have actually decreased in the aquaculture regions”. In fact, in a large number of surrounding communities, almost 100% of the people are not able to meet basic needs.
Letter to IFC about proposed Santa Priscila investment, page 1
Read the full letter below for more detail.
