Guyana Norway Agreement

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Bristol also said the funds will be used to finance projects in areas such as renewable energy, green tourism, biodiversity, strengthening indigenous mechanisms and the European Union`s Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (EU FLEGT), which is a legally binding trade agreement between the EU and timber-producing countries outside the EU. In accordance with the bilateral agreement between the two countries, the two ministers agreed that Guyana had fulfilled its obligations and that, therefore, Norway would make all final payments totalling approximately $50 million, which corresponds to the rest of the commitment made in 2009. The funds will be donated to the Guyana REDD+ Investment Fund, GRIF, managed by the World Bank. The forest partnership with Guyana has two elements of results: 1) still low deforestation and 2) better governance in the forest sector. . . .