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Nepal and World Bank Sign Innovative Financing Agreement on Forests and Climate Change for Building Back Greener
The agreement of up to US$45 million will also promote sustainable livelihoods and land use in Nepal’s resource-rich lowlands.
Kathmandu, February 26, 2021 – The Government of Nepal signed a landmark agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF), unlocking up to US$45 million to support Nepal to decrease carbon emissions from deforestation and forest degradation through 2025. With this Emission Reductions Payment Agreement (ERPA) in place, Nepal is expected to reduce 9 million tons of carbon dioxide emissions in the Terai Arc Landscape. The agreement was signed by the Secretary of the Ministry of Forests and Environment, Dr. Bishwa Nath Oli on behalf of the Government of Nepal, and the World Bank Country Director for Maldives, Nepal and Sri Lanka, Mr. Faris Hadad-Zervos on February 24.