Business News | World Bank Approves USD 225.5 Mln Projects for Nature Conservation in Tripura, Nagaland

New Delhi [India], November 26 (ANI): The World Bank has approved USD 225.5 million under its Enhancing Landscape and Ecosystem Management (ELEMENT) Project to manage forest landscapes better and enhance forest value chains in more than 400 villages across Tripura and Nagaland, the global body said in a release. The project will support more than 700,000 people to manage forest landscapes better and enhance forest value chains in both states.

ELEMENT Project will help conserve and restore over 100,000 hectares of forest thus enhancing landscape-based value chains for economic transformation while avoiding almost 435,000 tons of carbon emissions per year. The Project will also strengthen soil conservation and improve water availability, as per the release.

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"The Project will contribute to leveraging forests for private sector driven job creation in non-timber economic activities, enhancing the carbon sink capacity of the forest, and ultimately contributing to economic growth and social well-being in Tripura and Nagaland," said Auguste Tano Kouame, the World Bank's Country Director for India.

The ELEMENT project aims to open up economic opportunities for communities through forest produce such as agarwood, bamboo and honey in partnership with the private sector. It will also help to enhance national parks and protected areas, as well as develop nature-based tourism facilities, as per the release.

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The Project aims to create 60,000 jobs for youth and women, by promoting forest-based entrepreneurship through skills training in areas such as hospitality and training for nature guides. The Project will take an integrated and holistic landscape approach to forest management, the global body said.

"This goes beyond traditional forests to include areas like grasslands, wetlands, and farmlands to maximize community benefits," said Pyush Dogra and Raj Ganguly, the Task Team Leaders for the project. "This will improve climate resilience of rural and forest-dependent communities and increase their livelihoods."

This financing comes on the heels of the Bank's USD 43 million financing to support similar activities in the sister state of Meghalaya.

The loan from the International Bank of Reconstruction and Development (IBRD) has a final maturity of 12 years with a grace period of 4.5 years. The Project will also benefit from a complementary Global Partnership for Sustainable and Resilient Landscapes (PROGREEN) grant in the amount of USD 2.4 million. (ANI)

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