World Bank Provides 2.8 Billion Grant and Soft Loan for Forests for Prosperity project:
The World Bank will provide Rs. 710 million grant and Rs. 2.10 billion soft loans to implement the Forests for Prosperity project. Finance Secretary Shishir Kumar Dhungana and World Bank National Director for Maldives, Nepal, and Sri Lanka Faris Hadad-Jarvos signed the financial agreement at a function organized by the Government of Nepal and the World Bank at the Ministry of Finance today to promote sustainable forest conservation and green recovery.
Improving Nepal's sustainable forest management, strengthening the forest-based private sector, contributing to the transformation of the forest sector, as well as inclusive economic benefits, ecosystems, and more climate upliftment will result in diversified benefits for forest-dependent individuals and communities in Province 2 and Lumbini. It will also promote inclusive and sustainable use of forests.
“Forests are a traditional safety net for local groups in times of crisis. Strengthening local communities is very important in the difficult times of Kovid-19. In the same spirit, the project will help Nepal's forest-based private sector to invest in employment and reduce dependence on timber imports, ”said Secretary Dhangana.
National Director Hadad-Jarvos said the project would help 50 rural municipalities and municipalities and would be a starting point for inclusive climate work and green economic growth based on Nepal's comparative advantage.
