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Swiss help developing countries reduce CO2

Switzerland has agreed to contribute SFr15 million ($18.5 million) to World Bank projects aimed at helping developing countries reducing carbon emissions.

The State Secretariat for Economic Affairs (Seco) said on Monday it had signed up to two projects in the context of the World Trade Organization’s third Global Review of Aid for Trade which is currently underway in Geneva.

Seco said it will contribute SFr7 million to the Partnership for Market Readiness programme which aims to support up to 15 countries, including Ukraine, Indonesia and Colombia, prepare for the introduction of carbon trading schemes.

The second project will see Seco invest SFr8 million in the Forest Carbon Partnership Facility Carbon Fund, which will help developing countries reduce CO2 emissions through improved management of tropical forests.

Seco said projects were the first to be funded using additional monies available since parliament agreed in February to increase the federal budget for foreign development aid to 0.5 per cent of GDP.

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