The World Bank Group (WBG) approved US$400,000 in support of pre-investment studies of a forest management project to prevent deforestation and illegal logging in Atalaya province (Ucayali region).
The non-reimbursable financing will be used by Environment Ministry's National Program of Forest Conservation for Climate Change Mitigation to carry out the pre-investment studies.
Also, it will finance social analysis, the beneficiary review, potential risks, and safeguards, as well as the participatory process with involved parties.
Peru is one of the eight pilot countries selected by Forest Investment Program (FIP), an initiative established by UNFCCC Parties under the Strategic Climate Fund in 2008.
As is known, the FIP supports developing nations' efforts to reduce deforestation, forest degradation and its consequences.
On the other hand, the Peruvian FIP Investment Plan —comprising four projects including the one in Atalaya province (Ucayali region)— was approved back in October 2013.
The Atalaya project is intended to enhance, implement and reinforce forest landscape management so as to reduce greenhouse gas emissions from deforestation and forest degradation, as well as to increase carbon stock.