Close to 350,000 hectares of forests are to be restored under a new carbon trading pact involving the Malawi Government, Press Trust and Mamaland, a subsidiary of Mota Engil Company.
The forest reserves in this project scope include South Viphya, Dwambazi, Dzalanyama, Michiru and Chimaliro.
Speaking at a COP 28 fireside event in Dubai, United Arab Emirates, Mamaland Chief Executive Officer, Luís de Sousa, indicated that the company is committed to inject an initial investment of $150 million or an equivalent of K270 billion.
Meanwhile, Press Trust Executive Secretary, Gibson Ngalamira, said they are happy to have brokered the deal which will help to build people’s resilience, employ people, and most importantly contribute to the restoration of degraded forests and landscapes.
For his part, Michael Usi, Minister of Natural Resources and Climate Change said the government is willing to work with more players including the private sector if interested in rescuing the country’s forests which are under heavy attack.
Reported by our correspondent Matthews Malata, in Dubai, United Arab Emirates.
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