ADB approves 10 mln USD financing to restore Lao's forestry sector

MANILA, Dec. 18 (Xinhua) -- The Asian Development Bank (ADB) on Thursday said it has approved a 10-million-U.S.-dollar financing to fund a forestry project in Laos, marking the ADB's first investment in the country's forestry sector in a decade.

The project aimed at curbing forest degradation, strengthening climate resilience, and improving livelihoods for forest-dependent communities, the Manila-based bank said in a press release.

Forests cover 62 percent of Laos, support key sectors, and employ more than 65 percent of the national workforce. Yet decades of unsustainable practices have caused forest degradation, costing nearly 19 percent of gross domestic product annually, the ADB said.

"By promoting responsible forestry and empowering communities, we can drive sustainable growth, protect ecosystems, and create opportunities for women and rural families," said ADB Country Director for Laos Shanny Campbell. ■