Tuesday, February 7, 2012

News about land sales in Sudan

Yesterday on public radio, the head of the Oakland Institute was speaking about massive land investment deals which have been put together by a hedge fund called Emergent Assets. They predict investment returns of 40%, and are aquiring very large tracts of land in Sudan, Ethiopia, Tanzania and other African countries.

Naturally, the new government of South Sudan needs revenue and has responded to these offers. According to a recent study, in just four years, from the start of 2007 to the end of 2010, private interests sought or secured 5.15 million hectares (ha) of land in the agriculture, biofuels, forestry, carbon credit, and ecotourism sectors—equivalent to more than eight percent of South Sudan’s total land area.1 As currently conceived, these land deals threaten to undermine the land rights of rural communities, increase food insecurity, entrench poverty, and skew development patterns in South Sudan.

This is displacing many people and using land that was their sustenance farmland. It also uses precious water resources and contributes to environmental damage. Investments like these have multiple dimensions. The Oakland Institute's attention to this aids our understanding of the complexities of our global economy.

Media are paying attention to this initiative, and major US investment  operations such as Harvard and Vanderbilt, although interested in the significant return on investments, are concerned about the larger social and environments issues associated with this operation.

There's a petition and lots more information on the Oakland Institute home page here: http://www.oaklandinstitute.org

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