EUR 250 million loan for forestry projectsFriday 16 Mar 2012 The European Investment Bank has granted a EUR 250 million loan to the People’s Republic of China for forestry projects that contribute to climate change mitigation through carbon sinking and avoidance of greenhouse gas emissions.According to the European Investment Bank, the proposed CFFL would be a multi-investment scheme under which the Bank would support several individual forestry projects across China that contribute to the forestry programme of the People’s Republic of China and that have the following two objectives: environmental and biodiversity preservation and improvement, climate change adaptation and mitigation. This loan is being provided under the EUR 4.5 billion Energy Sustainability and Security of Supply Facility. This will be the first operation of its kind in China but will follow the same principles as the previous China Climate Change Framework Loans and have a similar structure. The EIB has a well-developed track record of successful investments in afforestation, reforestation and forest-derived/wood-based industries, both in the EU and around the world. In total, approximately 100 individual investment loans have been handled by the Bank during the past 30 years, together with an estimated 9 000 smaller projects/allocations under Global Loans during the same period. The ElB's lending volume to forestry-focussed operations during 2010 approached EUR 1 billion, leveraging at least twice that amount of investment in the sector. Source: Finchanel.com
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