Environmentalists urge IADB to end biofuel loans

Environmental groups urged the Inter-American Development Bank on Saturday to stop lending money to big companies piling into the booming ethanol business that some critics say is partly to blame for soaring food prices.

As riots over the cost of living broke out in impoverished Haiti, the IADB prepared to announce increased funding of ports, sugarcane mills and other biofuel ventures throughout Latin America, citing plant-based fuels as a crucial counterweight to climate change and rising energy prices.

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