Belarus Builds Forest Resilience to Climate Change with World Bank Support

Stocks and Financial Services Press Releases Tuesday March 13, 2018 08:47
WASHINGTON--13 Mar--World Bank

WASHINGTON, March 12, 2018 — Modern forest management, reforestation and new forest areas will help the Belarusian forest sector adapt to storms, climate change and pests, thanks to the EUR 12 million Additional Financing for the Belarus Forestry Development Project (FDP), approved today by the World Bank's Board of Executive Directors.

"The climate is changing, and Belarusian forests need to adapt to the new weather conditions. The project will help Belarus to cope with extreme weather events, such as the catastrophic storm in the summer of 2016 that blew over some 14,000 ha of forest," said Alex Kremer, World Bank Country Manager for Belarus. "Moreover, improved forestry practices boost the rural economy by creating more jobs and business opportunities," he said.

The additional financing will enable the scale-up of selected activities initiated under the original project, including the creation of two additional tree nursery complexes in Mogilev and Grodno Oblasts and the purchase of essential forestry machinery and equipment. With the original loan and the additional financing, six nurseries will be upgraded, one for each Oblast in Belarus.

"Increased nursery capacity will help provide the planting stock needed for the rehabilitation of windblown and other damaged forests, and support Belarus in the design and management of more climate resilient forests," said Andrew Mitchell, World Bank Task Team Leader for the Project. "The activities of the FDP will help improve forest management, identifying the right mixes of species and raising the quality of seedlings, which will become a solid base for reforestation in Belarus."

Cooperation between Belarus and the World Bank in the forestry sector started with the earlier Forestry Development Project, implemented from 1994 to 2002. It promoted economically and environmentally sound practices in the forestry sector, and the move to open market pricing for wood and the liberalization of trade in wood and wood products. The ongoing forestry project approved in March 2015 aims to modernize several aspects of forestry sector operations.

Since the Republic of Belarus joined the World Bank in 1992, lending commitments to the country have totaled US $1.7 billion. In addition, grant financing totaling US $31 million has been provided to various programs, including some that involve civil society partners. The active investment lending portfolio financed by the World Bank in Belarus includes eight operations, totaling US $789 million.


Latest Press Release

Siam Commercial Bank Partners with Chaixi Bameekiao and Visa To facilitate QR payment for noodle franchise

- Ms. Pimjai Tongmee, SCB's Payment Product Sales and Delivery Division Executive Vice President - Mr. Panrob Kamla, President of Chaixi Bameekiao Co. Ltd - Mr. Suripong Tantiyanon, Country Manager for Visa Thailand "Siam Commercial Bank" (SCB)...

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Global economic growth expected to slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its latest Global Economy Watch. PwC expects that the pick up in growth of most major economies...

QNB Group: Financial Results for the Year Ended 31 December 2018

QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2018. (Photo: https://mma.prnewswire.com/media/808498/QNB_Group_Head_Office.jpg ) Net Profit for the year ended 31...

CIMB THAI announces 2018 financial results with increased in operating income due to loan growth and lower gross NPL ratio. To fully move forward with Fast Forward program.

- Net interest income increased THB 544.3 million YoY mainly from loan expansion and higher interest income on investments. - Profit before tax of THB 271.2 million. - NPL ratio of 4.3% compared to 4.8% YoY due to more efficient risk management policies...

Related Topics