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    Reference: 20130285
    Release date: 2 September 2013

    Promoter – Financial Intermediary

    The borrower is People's Republic of China, represented by the Ministry of Finance, who will on-lend to Hunan Province. The project will be implemented by Forestry Department of Hunan Province.

    Location

    Description

    The project is one of the eight foreseen under the China Forestation Framework Loan. It comprises the development of 21 800 hectares of long-rotation plantation forests for the production of tea oil (camellia oleifera), carbon mitigation, nature conservation and soil improvements. Institutional support and technology improvements are foreseen.

    Objectives

    The project will increase forest coverage and standing wood biomass, while committing the local farmers to the project by producing marketable tea oil seeds. Sustainable management regimes enhancing biodiversity and soil protection will be encouraged. Forest carbon sequestration will help mitigate climate change, in line with EU policies.

    Comments

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 35 million

    Total cost (Approximate amount)

    EUR 70 million

    Environmental aspects

    The project is expected to deliver important environmental benefits in terms of climate mitigation, climate adaptation and tackling soil erosion on barren hills. Integration of best practices on sustainable management of camellia oleifera plantation. The project will bring economic and social benefits to the local communities, including minority groups, so as to have the capacity and incentives to commit to more sustainable forest management practices.

    Procurement

    The Bank will require the promoter to ensure that implementation of the project be done in accordance with the Bank's Guide to Procurement.

    Status

    Approved - 12/11/2013

    Disclaimer

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

    Related tags

    China Agriculture, fisheries, forestry