Business news

MINSK, 29 November (BelTA) – The World Bank will consider an allocation of an additional loan of $14 million on the development of the Belarusian forestry sector. The matter was discussed at a meeting between a group of the World Bank specialists and representatives of the Forestry Ministry, BelTA learned from the press service of the Forestry Ministry.

Experts discussed the implementation of the Forestry Sector Development Project in Belarus and the possibility of providing additional funding for the project. World Bank Country Manager for Belarus Alex Kremer praised the activity of Belarusian specialists and took note of the important function that forests perform. Speaking about the possibility of allocating an additional loan of $14 million, Alex Kremer said that a positive decision was made on the matter. Experts, however, still have a lot of work to do, i.e. to prepare the documents and determine together with the Forestry Ministry the deadline for repaying the loan.

“As our credit resources are currently limited, we had to take a very balanced approach to this decision. One of the factors in favor of allocating the additional loan was the successful implementation of the current project. The second factor in favor of a positive decision was the desire all the organizations of the World Bank Group to assist Belarus in its efforts to combat climate change,” the head of the office noted at the meeting.

In turn, Belarus’ Deputy Forestry Minister Leonid Demyanik stressed that Belarus attaches significant importance to reforestation, environmental protection and the improvement of the ecology in general. “I think that these funds will serve a good cause, give a good result. You know that Belarus is viewed to be the lungs of Europe. We will fulfill all the obligations we have undertaken on time and in full,” Leonid Demyanik stressed.

The Belarusian Forestry Ministry has earlier received a loan from the World Bank to the total tune of $40.7 million. The funds were used to purchase machinery and set up hi-tech nurseries. Three such centers are being built in Belarus: in Brest Oblast, Vitebsk Oblast and Minsk Oblast. With the support of the World Bank, modern nurseries will be set up in other areas within the next three years.