WB lends USD 60mn for afforestation in China
Beijing: The World Bank Friday approved a $60 million loan to support an afforestation project in China`s eastern Shandong province, Xinhua reported.
The project will reduce soil erosion and protect agricultural land, the World Bank said in a statement.
As part of the Shandong ecological afforestation project, plantation will be carried out in 38,000 hectares of degraded land as well as in the coastal areas.
The loan will cover 50 percent of the project costs. The remaining 50 percent will be financed by government organisations. A monitoring and evaluation system would be set up to measure the outcomes of the project.
While most previous World Bank projects had focused on improving timber output, quality and standards, this project would focus on environmental protection by establishing forest cover in areas prone to soil erosion and coastal areas prone to wind erosion, said Susan Shen, a natural resource management specialist with the bank.
More from India
More from World
More from Sports
More from Entertaiment
- PM Narendra Modi holds talks with Uzbek leader
- Shahid Kapoor marriage: 500 guests have been invited for the wedding, says card designer
- Pakistan violates ceasefire in J&K, one BSF jawan killed in Kupwara
- Mass failure in DU exam: HRD Minister Smriti Irani asks officials to enquire
- Vyapam scam: Congress accuses MP CM of 'misleading' people, demands his resignation