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    Reference: 20150532
    Release date: 19 October 2015

    Promoter – Financial Intermediary

    PUBLIC ENTITY(IES)

    Location

    Description

    The project is to rehabilitate 41 000 ha of young and middle-aged natural and plantation forests, and to plant 11 000 ha of Korean pine nut forest in Heilongjiang province in China.

    Objectives

    The project is eligible under the Facility for Energy Sustainability and Security of Supply (ESF). It will be funded under the China Climate Change Framework Loan (CCCFL) which supports the EU-China 2020 strategic agenda for cooperation by promoting sustainable development, biodiversity and sustainable use of forests in particular with the valuation of ecosystem services in China. The project promotes sequestration of carbon through biological growth of sustainably managed plantations. Climate adaptation is addressed by increasing forest cover and building forest root systems that stabilise soils and increase soil water-retention capacity in vulnerable areas so as to decrease the risk of landslides and soil erosion. Therefore the project delivers an important contribution to the Bank's climate action objective. It also contributes to the economic development of the country, covering its rural areas.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 25 million

    Total cost (Approximate amount)

    EUR 50 million

    Environmental aspects

    The project improves the ecological conditions in Heilongjiang Province through rehabilitating young and middle-aged forests, and planting Korean pine nut forests. The rehabilitated and planted forests will sequester and store carbon, diversify the forest landscape and protect vulnerable areas against soil erosion. They will also support income generation and economic development in remote mountainous areas. The project improves local forest-management capacity. An environmental impact assessment (EIA) was completed in 2015.

    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

    Approved - 24/06/2016

    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