Business Desk :
The government of Bangladesh on Monday signed two financing agreements totaling US$200 million with the World Bank to improve the forest cover in the country’s coastal, hill and central districts, including Cox’s Bazar, and help Bangladesh provide education to Rohingya children and youth who have fled violence in Myanmar.
Out of the total amount, the Washington-based lending agency will provide $175 million against Sustainable Forests and Livelihoods Project which will help improve forest cover through a collaborative forest management approach involving local communities. Besides, it will provide $25 million to help Bangladesh provide education and support to heal the psychological wounds of Rohingya children and youths who have fled violence in Myanmar.
Both the agreements were signed by Economic Relations Division (ERD) Secretary Monowar Ahmed and World Bank Country Director Qimiao Fan on behalf of the government and the World Bank, respectively, at the ERD in the city’s Sher-e-Bangla Nagar.
The credit to the Sustainable Forests & Livelihoods Project from the World Bank’s International Development Association has a 30-year term, including a five-year grace period. The $175 million Sustainable Forests & Livelihoods Project will plant trees in about 79,000 hectares of forest through a collaborative forest management system. The proportion to land under forests is only 11 percent in Bangladesh which is significantly lower than the Asian average of 26 percent.
By increasing forest cover, the project will help the country become more climate resilient. It will also help about 40,000 poor, local households earn more money through alternative income generation activities.
The sudden influx of over 725,000 Rohingya to Cox’s Bazar caused the loss of nearly 13,000 hectares of forest. The project will restore trees in 19,925 hectare of land in Cox’s Bazar. It will also help the host communities through income generation activities, improving availability of wood for fuel in a sustainable way and reducing human-wild elephant conflict, which has increased due to loss of habitat. “Despite its own challenges, Bangladesh generously provided shelter to about a million Rohingya refugees. The local people, many of whom are poor, welcomed the displaced Rohingya and shared food and resources. But the needs of both the Rohingya and the host community are huge,” said Qimiao Fan, World Bank Country Director Bangladesh, Bhutan, and Nepal.
The government of Bangladesh on Monday signed two financing agreements totaling US$200 million with the World Bank to improve the forest cover in the country’s coastal, hill and central districts, including Cox’s Bazar, and help Bangladesh provide education to Rohingya children and youth who have fled violence in Myanmar.
Out of the total amount, the Washington-based lending agency will provide $175 million against Sustainable Forests and Livelihoods Project which will help improve forest cover through a collaborative forest management approach involving local communities. Besides, it will provide $25 million to help Bangladesh provide education and support to heal the psychological wounds of Rohingya children and youths who have fled violence in Myanmar.
Both the agreements were signed by Economic Relations Division (ERD) Secretary Monowar Ahmed and World Bank Country Director Qimiao Fan on behalf of the government and the World Bank, respectively, at the ERD in the city’s Sher-e-Bangla Nagar.
The credit to the Sustainable Forests & Livelihoods Project from the World Bank’s International Development Association has a 30-year term, including a five-year grace period. The $175 million Sustainable Forests & Livelihoods Project will plant trees in about 79,000 hectares of forest through a collaborative forest management system. The proportion to land under forests is only 11 percent in Bangladesh which is significantly lower than the Asian average of 26 percent.
By increasing forest cover, the project will help the country become more climate resilient. It will also help about 40,000 poor, local households earn more money through alternative income generation activities.
The sudden influx of over 725,000 Rohingya to Cox’s Bazar caused the loss of nearly 13,000 hectares of forest. The project will restore trees in 19,925 hectare of land in Cox’s Bazar. It will also help the host communities through income generation activities, improving availability of wood for fuel in a sustainable way and reducing human-wild elephant conflict, which has increased due to loss of habitat. “Despite its own challenges, Bangladesh generously provided shelter to about a million Rohingya refugees. The local people, many of whom are poor, welcomed the displaced Rohingya and shared food and resources. But the needs of both the Rohingya and the host community are huge,” said Qimiao Fan, World Bank Country Director Bangladesh, Bhutan, and Nepal.
