Congo Basin: $1B World Bank Forest Economy Plan

The World Bank has approved a $1.02 billion program to transform the forestry sector in Central Africa, with an initial phase of $394.83 million. The initiative aims to improve forest management, strengthen value chains, create jobs, and reduce greenhouse gas emissions in the Congo Basin.

Sustainable Congo Basin Forest Economy Program Launched

The Sustainable Congo Basin Forest Economy Program (SCBFEP) will initially focus on Cameroon, the Central African Republic, and the Republic of Congo. The first phase of the program aims to create 220,000 jobs and bring nearly 8 million hectares under sustainable management.

The program seeks to cut annual greenhouse gas emissions by 17.6 million metric tons of CO2 equivalent and increase the share of legally processed timber by 15%. It will also support community forestry, agroforestry systems, and processing zones for small and medium-sized enterprises.

More than 500 small and medium-sized enterprises (SMEs) and 20,000 people – 40% of whom are women – will receive training, financing, and infrastructure support to strengthen value chains. Over 7,000 young people will also be supported in starting businesses.

“The Congo Basin is a shared asset, and its sustainability depends on coordinated policies and close regional cooperation,” said Marina Wes, acting director of regional programs at the World Bank. “By strengthening regional institutions, the program improves wood trade standards and creates a platform for learning and collaboration across the basin,” she added.

The program follows the launch of strategic roadmaps by six Congo Basin countries in February, with World Bank support, to develop carbon markets and climate finance in the forestry sector. These plans aim to help countries participate in global carbon markets by leveraging their forests’ carbon absorption capacity.

According to the World Bank, the Congo Basin is the world’s largest carbon sink, absorbing more CO2 than the Amazon. The region’s tropical forest is vital for food security, supporting local populations, and preserving endangered species.

“Preserving the Congo Basin forests is vital not just for Africa’s future, but for the world,” the World Bank stated. The institution also noted that countries in the region currently receive a small share of the value generated by the ecosystem services their forests provide globally.