Business news

MINSK, 11 April (BelTA) – The World Bank and Belarus’ Forestry Ministry have signed an agreement to allocate additional €12 million to finance the Belarus Forestry Development Project, BelTA has learned.

The document was signed by Belarus’ Forestry Minister Vitaly Drozhzha and World Bank Country Manager for Belarus Alex Kremer. “The agreement demonstrates that the World Bank recognizes and praises the efficiency and hard work of all the stakeholders in the project. Our forestry project is a success story,” Alex Kremer said.

Such projects are of great importance, as they make a considerable contribution to climate change mitigation. “Climatic changes take place regularly. Everyone can see it. This means that trees have to adapt to the changing climate, too. Forest seed centers being built under our project will grow planting stock that is better adapted to modern conditions,” Alex Kremer added.

In April 2015, the Belarusian government represented by the Forestry Ministry and the International Bank for Reconstruction and Development signed a loan agreement on the Belarus forestry development project. IBRD provided a loan for $40.7 million. These funds were invested in the construction of container-grown forest nurseries, and purchase necessary equipment. In March 2018, the World Bank Board of Executive Directors, after studying the progress on the project, decided to allocate an additional loan of €12 million.

More than 90 Belarusian forestry companies are taking part in the implementation of the Belarus Forestry Development Project.