Signature(s)
Summary sheet
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
A fund contributing to rural development and combating climate change by investing in sustainable forestry.
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.
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.
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.