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        NFC FORESTRY PROJECT

        Signature(s)

        Amount
        € 5,000,000
        Countries
        Sector(s)
        Uganda : € 5,000,000
        Agricultura, pesca y silvicultura : € 5,000,000
        Signature date(s)
        18/12/2008 : € 5,000,000

        Summary sheet

        Release date
        17 April 2008
        Status
        Reference
        Signed | 18/12/2008
        20060582
        Project name
        Promoter - financial intermediary
        NFC Forestry Project

        New Forests Company Ltd

        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        Up to EUR 4.65 million, with interest rate subsidy in accordance with the provisions of Annex II to the Cotonou Agreement.
        EUR 9.3 million.
        Location
        Sector(s)
        Description
        Objectives

        Sustainable commercial plantation of eucalyptus and pine on degraded forest land. Namwasa is the first plantation of NFC, where the company intends to plant 6,544 ha until 2010.

        The objective of the project is to plant fast growing trees for harvesting and sale as poles and round log. The project will generate environmental (see below) and social benefits. In particular, it will create large employment opportunities and its extensive community development programme will help alleviate poverty in the surrounding rural areas.

        Environmental aspects
        Procurement

        The project may generate carbon credits through carbon storage from the trees planted and may become eligible under the Clean Development Mechanism (CDM).The project will also be supporting biodiversity: in addition to the plantation, 26% of the concession area will be left for Assisted Natural Regeneration including the plantation of local species and the creation of a fauna protected area.

        Equipment is being procured based on international consultations.

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

        General enquiries and comments

        The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

        Media enquiries

        Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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