Release date: 2 March 2015
Promoter – Financial Intermediary
SPECIAL PURPOSE ENTITY(IES)/FUNDLocation
Description
A fund contributing to rural development and combating climate change by investing in sustainable forestry.
Objectives
The fund will invest in sustainable forestry projects, supporting socioeconomic development in rural areas on the one hand, and combating the impact of climate change by protecting soils and sequestering carbon on the other. Specifically, it will invest in timber production and development of local forestry enterprises.
Sector(s)
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Proposed EIB finance (Approximate amount)
USD 30 million (EUR 27 million)
Total cost (Approximate amount)
USD 200 million (EUR 179 million)
Environmental aspects
International best practice is expected to be followed by the projects supported by the fund, and it is expected that certification will play an important role in ensuring their environmental and social sustainability. Concessions over high-conservation-value natural forests in tropical areas are excluded from the scope of the fund. The fund will support sustainable forestry in several countries where levels of deforestation and forest degradation remain high, and it offers important socioeconomic, environmental and climate action benefits, including improved greenhouse gas sequestration, soil protection and strengthening of supply of a range of raw materials.
Procurement
The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank’s Guide to Procurement.
Status
Signed - 26/04/2018
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).