Business news

MINSK, 13 March (BelTA) – The World Bank will allocate additional €12 million to finance the Belarus Forestry Development Project, BelTA learned from the World Bank Office in Belarus.

Modern forest management, reforestation and new forest areas will help the Belarusian forest sector adapt to climate change, storms, and pests.

“The climate is changing, and Belarusian forests need to adapt to the new weather conditions. The project will help Belarus cope with extreme weather events, such as the catastrophic storm in the summer of 2016 that damaged some 14,000 hectares of forest,” said World Bank Country Manager for Belarus Alex Kremer. “Moreover, improved forestry practices boost the rural economy by creating more jobs and business opportunities,” he added.

The additional financing will scale up some activities initiated under the original project, including the foundation of another two tree nursery complexes in Mogilev and Grodno Oblasts and the purchase of forestry machinery and equipment. With the original loan and the additional financing, six nurseries will be upgraded, one for each oblast in Belarus.

“Increased nursery capacity will help provide the planting stock needed for the rehabilitation of windblown and other damaged forests, and support Belarus in the design and management of more climate resilient forests. The Forestry Development Project will help improve forest management, identify the right mixes of species, and raise the quality of seedlings, which will become a solid base for reforestation in Belarus,” said Andrew Mitchell, World Bank Task Team Leader for the Project.