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. Last Updated: 07/27/2016

World Bank Approves Green Loan

The World Bank has approved an $80.1 million loan for environmental programs targeting the reduction of ozone-depleting chemicals and a series of projects promoting biodiversity in regions from Nizhny Novgorod to Lake Baikal.

Funds are being issued through the Global Environmental Facility, which is jointly implemented by the United Nations and The World Bank, the bank said in a statement last week.

About $60 million will go toward reducing the production and use of aerosols and refrigerants that use chloroflourocarbons, chemicals that destroy the earth's ozone layer and which are being phased out worldwide under two international treaties from the 1980s.

A second project directs $20.1 million toward enhancing Russia's biodiversity in both protected and unprotected areas. The project aims to strengthen federal and regional strategies and improve conservation.

A $6.3 million Lake Baikal regional component will demonstrate the coordination necessary to balance conservation with economic and social welfare needs.