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. Last Updated: 07/27/2016

World Bank Forest Loan

MOSCOW -- The World Bank board of directors agreed Wednesday to extend a $60 million loan to Russia as part of a pilot forestry program, the Bank said in a press-release.

The loan will go to reforming the timber industry, and covers areas such as the effective use of forests and monitoring of timber production. The pilot program will be limited to the Leningrad, Krasnoyarsk and Khabarovsk regions.

Russia has the largest forest resources in the world, with 22 percent of the world's forest area and 21 percent of all standing timber volume.