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World Bank approves grant and loan of Rs 2.80 billion for forest projects

World Bank and Ministry of Finance officials sign agreement for a project on “Forest for Prosperity” at Ministry of Finance, Singhdurbar, Kathmandu on Friday, March 19, 2021. (Photo: ET)

KATHMANDU: The Government of Nepal and the World Bank have signed a loan and grant agreement worth Rs. 2.80 billion (US$ 24 million) for the “Forest for Prosperity” project.

Out of the total amount, there is a grant of Rs. 710 million and a concessional loan of Rs. 2.9 billion.

The project will support sustainable forest management in Nepal as well as community-based forest conservation efforts, according to the Ministry of Finance and the World Bank.

The agreement was signed on behalf of the government by Secretary to Ministry of Finance Shishir Kumar Dhungana and World Bank National Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos.

According to Ministry of Finance, the project will support 50 local levels.

On the occasion, Finance Secretary Dhungana expressed confidence that the project would help Nepal’s private sector to create employment and reduce dependence on timber imports.

The World Bank’s national director for the Maldives, Nepal and Sri Lanka, Zervos, said the project would be a starting point for green economic growth.

On the occasion, Chief Executive Officer of the Agriculture Development Bank Anil Kumar Upadhyaya and National Director of the World Bank Zervos also signed a memorandum of understanding for the project. As an implementing agency of the project, the Agriculture Development Bank will design and test loans to establish and strengthen forest-based small and medium enterprises.

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