World Bank Supports Forest Fire Response Project in the Russian Federation
20 September 2012: The World Bank approved a US$40 million loan to prevent forest fires and promote sustainable forest management in the Russian Federation in an effort to protect forests and limit related greenhouse gas (GHG) emissions.
The Forest Fire Response Project, with an overall budget of US$121.26 million, is in line with Russia's Forest Sector Development Strategy up until 2020. Based on preliminary data indicating that up to 93% of the country's forest fires are man-made, the project aims not only protect valuable biodiversity and protected areas, but also reduce emissions from forest fire, calculated to release 50-231 million tons of carbon dioxide annually.
The loan has a final maturity of 18 years, including a grace period of five years. Currently, the World Bank's International Bank for Reconstruction and Development (IBRD) is providing support for nine investment projects in the Russian Federation amounting to US $56 million. [World Bank Press Release]