Norway releases US$50M in forest funds to Guyana

…money represents final payment

Norway has agreed to pay over some US$50M of climate funds to Guyana, which authorities said represents the remainder of the pledge made by that country back in 2009.

Minister of State, Mrs. Dawn Hastings-Williams and Norway’s Minister for Climate and Environment, Mr. Ola Elvestuen on Monday met on the margins of the UN Climate Summit in New York where the agreement was reached. In a release by the Ministry of the Presidency the two ministers welcomed successes and results achieved under the partnership between Guyana and Norway.

In accordance with the bilateral agreement between the two countries, the two ministers agreed that Guyana has met its commitments and therefore Norway would disburse all final payments totaling approximately US$50 million, equivalent to the remainder of the pledge made in 2009. The disbursement of the monies will be made to the Guyana REDD+ Investment Fund, GRIF, administered by the World Bank.

Minister Hastings-Williams acknowledged that at this juncture both countries indeed would have met their responsibilities with the final release. She also highlighted important successes of the partnership and how it yielded enhanced forest governance; that Guyana is better placed through institutional strengthening to deliver the Green State Development Strategy. With the final payment, Minister Hastings-Williams has pledged to significantly increase the resources for the Opt-In project.

Minister Elvestuen emphasised at the meeting that Norway is most impressed with the continued low deforestation rates in Guyana over many years, and also with the substantive progress made on forest governance. The world looks to Guyana for what sustainable development in forest rich countries can be, Minister Elvestuen said.

(Sourced from Guyana Chronicle September 25, 2019)

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