The World Bank has announced that it will grant up to US$50 million to Mozambique to help the country reduce carbon emissions and deforestation, according to a statement released this week in Washington.
Mozambique and the Democratic Republic of Congo were the first two of 19 countries to sign these contracts financed through the Forest Carbon Partnership Facility (FCPF) Carbon Fund, managed by the World Bank, according to the statement.
Mozambique signed the agreement on February 1, unlocking a grant that could reach US$50 million depending on the results, while the Democratic Republic of Congo, which joined the programme in late 2018, can receive up to US$55 million.
About 43% of Mozambique’s territory is covered by forests (34 million hectares) that have been severely deforested in recent years by logging trees for timber exports.
The agreement aims to reduce deforestation and forest degradation, while improving the living conditions of rural communities in nine districts of Zambezia province, with economic opportunities related to smarter land use and biodiversity and ecosystem conservation.
The remaining 17 countries involved in the FCPF Carbon Fund are expected to sign similar programmes, which run until 2024, in 2020.