Kathmandu, 19 March: The Government of Nepal and the World Bank today signed loan and grant agreements of 24 million US dollar for Forests for Prosperity Project that will help Nepal advance sustainable forest management. Of this amount, 6.1 million US dollar is grant and 17.9 million US dollar is concessional loan.
The project will contribute to transforming Nepal’s forest sector by improving sustainable forest management and developing a strong forest-based private sector. These activities will result in multiple benefits for forest-dependent people in selected municipalities in Province 2 and Lumbini Province, including inclusive economic benefits, ecosystem services, and greater climate resilience, the World Bank stated. It will help strengthen ongoing community-based conservation efforts while promoting inclusive sustainable use.
The agreements were signed by the Finance Secretary, Sishir Kumar Dhungana on behalf of the Government of Nepal and by the World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos. Additionally, a project agreement was signed by the Chief Executive Officer of the Agriculture Development Bank, Anil Kumar Upadhyaya and the World Bank Country Director. The Agriculture Development Bank, as a project implementation entity will design and pilot a credit line for establishing and strengthening forest-based small and medium enterprises.
People’s News Monitoring Service
Login to add a comment