Russia to take $40 mn loan from World Bank

Last Updated: Wednesday, May 8, 2013 - 09:23

Moscow: Russia will take a USD 40 million loan from the World Bank to prevent forest fires and promote sustainable forest management, a government resolution said Tuesday.

"This resolution instructs the natural resources ministry to sign an agreement with the International Bank for Reconstruction and Development on Russia’s behalf, stipulating the provision of a USD 40 million loan to Russia with a maturity of 18 years and a five-year grace period,” it said.

The loan is part of the USD 121.26 million Forest Fire Response Project in Russia being co-financed by the Russian government.

It aims to “improve forest fire prevention and suppression in select forest eco systems, including targeted protected areas,” according to data posted on the World Bank’s website.

The bank cited official data, stating there are 24,000 forest fires annually on average, covering 1.4 million hectares of forest, with up to 93 per cent of the country's forest fires being of a man-made nature.

Total carbon emissions from fire-affected Russian forests are estimated at 50 to 231 million tonnes of carbon per year.

IANS

First Published: Wednesday, May 8, 2013 - 09:23
comments powered by Disqus