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World Bank backs Vietnam's largest forestry development project
HANOI (AFP) Apr 04, 2005
The World Bank Monday signed agreements with the State Bank of Vietnam for 39.5 million dollars in credit and 20 million dollars in grants for the country's biggest forestry development project.

The World Bank said in a statement that the project will support small-scale forest plantations on barren and poorly-stocked land.

Klaus Rohland, the bank's director in Vietnam said, "investments in commercially viable and environmentally sustainable wood production would help in reducing the gap between rapidly expanding demand for timber products and the present out put from plantation".

The total project cost is 74.5 million dollars. Vietnam's government will contribute five million dollars and local communities more than 11 million.

The World Bank credit of 39.5 million dollars is supplemented by a grant of nine million dollars from the Global Environment Fund, and more than 10 million from Finland and the Netherlands.

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