Honduras will improve management of its forests with a $25 million loan from the Inter-American Development Bank (IDB).
The project is aimed at the recovery of forests affected by weevils, strengthening the system of forest protection and enhancing access to financing linked to fighting global warming. The white pine weevil is a bark-stripping pest that devastates vast areas of forest.
The insect has caused an estimated $284 million in damage to pine trees alone. The loss of forest also has a direct effect on low-income families that depend on the forest system, with the potential loss of nearly 120,000 jobs.
The plan will improve weevil early-warning systems at the Forest Conservation and Development Institute, facilitate natural regeneration of healthier forests, fight forest fires and avoid change in use of forests. Tree species less susceptible to the weevil and to climate change will be planted alongside pine trees. All of these measures will help forests regenerate more quickly, increase water levels in river basins and boost production of timber and resin.
Through this operation Honduras will move forward towards achieving the goals set forth in the Paris climate control agreement approved last year.
The IDB financing consists of a $15 million loan over 30 years with a grace period of five-and-a-half years, and another of $10 million over 40 years, with the same grace period.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.