Business»
Nepal to get $12m in eco aid
KATHMANDU, JUN 02 -
The Global Environment Facility (GEF), a World Bank initiative to address environmental problems, is set to double its aid to Nepal under its new programme GEF-5 which starts July 1.
"Nepal will receive US$ 12 million under the four-yearly programme," said Bhuwan Karki, under secretary at the Finance Ministry.
The ministry's foreign aid coordination division has been working as the operational focal point for GEF aid.
"The aid will be used for addressing climate change, preserving bio-diversity and addressing land degradation into drought or concrete zones," said Karki.
Under the ongoing GEF-4 programme, Nepal was eligible to get a maximum of US$ 6 million from the GEF.
Nepal had to compete with Bhutan, Myanmar and Maldives to get the money as they were in the same group.
"The proposed US$ 12 million will be allocated exclusively to Nepal, and it will not have to compete with any country for it," said Karki.
Nepal will have to submit projects with co-financing options to receive the committed money, he added.
Nepal did not receive all of the US$ 6 million under the GEF-4 programme whose term is expiring on June 30.
Nepal received funds under GEF-4 for the areas of bio-diversity and climate change.
Nepal got US$ 3 million for climate change recently under GEF-4.
The fund is being used in the Asian Development Bank (ADB) funded Sustainable Urban Transport Management Project under which the Kathmandu Valley's transportation system will be improved.
The ADB will be making an additional investment for the project which aims to manage traffic, control vehicular pollution and improve the operation of public transport.
Nepal is poised to get only US$800,000 for the bio-diversity sector which has been used for wetland conservation and some other purposes.
The GEF is a global partnership among most of the countries, international institutions, non-governmental organizations (NGOs) and the private sector to address global environmental issues while supporting national sustainable development initiatives.
It provides grants for projects related to six focal areas: biodiversity, climate change, international waters, land degradation, the ozone layer and persistent organic pollutution. For the world community, Nepal’s eco-conservation holds priority.
Posted on: 2010-06-03 07:45
Headlines
Advertisements
