GFMC: World Bank Freezes $60 Million Loan for Russia’s Forest Projects
World Bank Freezes $60 Million Loan for Russia’s Forest Projects
by Interfax Russian News, July 12, 2000
Moscow — The World Bank froze a $ 60 million loan to Russia for pilot projects concerned with the stable utilization of the country’s forests in May, immediately following the Russian president’s a decree abolishing the Russian Federal Forestry Service (Rosleskhoz). Interfax obtained this information from a source with the Rosleskhoz, which is now being reformed into a department of the Russian Ministry of Natural Resources. As was reported earlier, Russian and U.S. ecology experts and activists forwarded a letter to Bank President James Wolfensohn asking that the forest projects loan be frozen. Immediately after the decree abolishing Rosleskhoz was issued, the Bank president informed the Russian government of the suspension of the loan until the status of the executive power body in charge of forest management is defined, the source said.
