Kampala — The World Bank has named Uganda and Kenya among African countries to benefit from the $380m for the private sector to participate in agro-forestry and afforestation projects, David Muwanga.
The funds that are in three phases, include the World Bank bio-carbon fund and the community development carbon fund both totaling $200m and the World Bank Carbon Fund totaling US$ 180m.
"So in Africa, the World Bank has selected Uganda and Kenya among other countries to benefit from the fund that aims at protecting the environment in developing countries," Charles Cormier of the Wold Bank Institute told members of private sector at a two-day Clean Development Mechanism capacity building workshop at the International Conference Centre at the weekend.
Cormier, however, clarified that the $380m is not only for Kenya and Uganda but other developing and developed countries where greenhouse gases are emitted and seriously affect the environment.
Clean Development Mechanism of the Kyoto Protocol is an instrument of cooperation between developed and developing countries that aims at attracting the private sector to participate in protecting the environment by reducing greenhouse gas emissions and re-planting trees on a large scale.
The Uganda Investment Authority organised the two-day workshop for its members to make them aware of the existing investment opportunities.