Kathmandu- Nepal is set to receive a grant of 1.13 billion Nepali Rupees from the World Bank. This grant will be provided under the World Bank’s Forest Carbon Partnership Facility (FCPF) project.

According to the World Bank, Nepal is receiving this grant in exchange for reducing 1.88 million tons of carbon dioxide emissions. The World Bank’s Nepal office stated that Nepal has been receiving financial support due to significant carbon reduction achieved in the forests of the Terai region. The World Bank is providing this grant in recognition of Nepal’s progress under community projects in the area of sustainable development of forest resources.

The Government of Nepal will make this fund available to organizations working in the field of forest development. The grant money will be distributed to various stakeholders, indigenous nationalities, local governments, and other concerned institutions that have contributed to the reduction of carbon emissions under the scheme implemented by the Government of Nepal.

The FCPF project is a common initiative operated by the World Bank that brings together the government, concerned stakeholders, indigenous nationalities, civil society, and the private sector. It has been working towards the development and restoration of forests.