Business news

MINSK, 2 April (BelTA) – The World Bank and the Forestry Ministry will sign an agreement next week to allocate additional €12 million to finance the Belarus Forestry Development Project, BelTA learned from the press service of the Belarusian Forestry Ministry.

The ministry has hosted a meeting with a group of World Bank specialists as part of their official visit to Belarus dedicated to the mid-term review of the Forestry Development Project.

“In April 2015, the Belarusian Forestry Ministry and the International Bank for Reconstruction and Development signed a loan agreement under this project. Belarus got a $40.714 million loan from the IBRD. The World Bank Board of Executive Directors analyzed the status of the project and decided to allocate additional €12 million to Belarus. The sides are expected to sign the document on additional financing next week,” the press service noted.

According to the Forestry Ministry, the IBRD’s money was used to construct modern tree seed centers to grow ball-rooted planting stock and purchase the necessary vehicles and equipment. “The additional financing will help us scale up certain measures taken under the initial project,” the ministry added.

“In April we will commission the first center built with the help of the World Bank’s loan. I visited Ivatsevichi on Friday. The equipment is now being installed there. Another two centers are under construction in Glubokoye and Shchomyslitsa. We are completely satisfied with the selection of contractors and the construction process,” Belarusian First Deputy Forestry Minister Alexander Kulik underlined at the meeting.

Andrew Mitchell, World Bank Task Team Leader for the Project, praised the progress in its implementation. He is scheduled to visit the construction sites of the tree seed center together with other World Bank specialists and learn more about the operation of Belarusian and foreign logging equipment.

All in all, more than 90 Belarusian forestry organizations are involved in the Forestry Development Project.