World Bank Boosts Tripura and Nagaland's Forest Economy with $225.5 Million ELEMENT Project

The World Bank has sanctioned $225.5 million for the ELEMENT Project, aiming to enhance forest landscapes and value chains in Tripura and Nagaland. The initiative is projected to benefit 700,000 people and create 60,000 jobs, focusing on conservation, job creation, and economic growth through sustainable practices.

The World Bank has announced a significant financial commitment of $225.5 million to enhance forest landscapes and promote forest value chains across Tripura and Nagaland. This transformative initiative, titled the Enhancing Landscape and Ecosystem Management (ELEMENT) Project, targets over 400 villages, impacting the lives of more than 700,000 residents.

Set to conserve and rejuvenate over 100,000 hectares of forest land, the project is aligned with modern economic transformation goals while targeting a reduction of nearly 435,000 tons of annual carbon emissions. The ELEMENT Project is designed to bolster job creation within non-timber economic activities, leveraging forests for private sector driven growth.

In collaboration with the private sector, the project promotes the development of forest-based enterprises involving products such as agarwood, bamboo, and honey. It also plans to enhance national parks, protected areas, and tourist facilities, creating 60,000 jobs for youth and women through specialized skills training. The project's focus extends beyond traditional forest settings to include grasslands, wetlands, and farmlands, aiming to maximize benefits for community resilience and livelihood improvement.

(With inputs from agencies.)