Release date: 29 October 2014
Promoter – Financial Intermediary
Finance in Motion GmbH/ UNIQUE forestry and land use GmbHLocation
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, combating the impact of climate change by protecting soils and sequestering carbon on the one hand, and supporting the socio-economic development in rural areas on the other. Specifically, it will invest in timber production and development of local forestry enterprises across four regional clusters, i.e. Africa, Latin America, Europe and China. More 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 20 million (EUR 3 million)
Total cost (Approximate amount)
USD 200 million (EUR 27 million)
Environmental aspects
The Fund is planned in strict compliance with stringent ecological and social standards including Forest Stewardship Council (FSC) certification. 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 socio-economic, environmental and climate action benefits, including improved greenhouse gas sequestration, soil protection and strengthening of supply of a range of raw materials. It is estimated that full implementation of the Fund will lead to the sequestration of over 25m tCO2 and the creation of more than 15 000 jobs throughout the supply chain.
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 - 11/07/2018
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).