EC commits 5.5 million dollars to timber development

The European Commission has committed a total of 4.8 million ECU (about 5.5 million dollars) to support the development and popularization of lesser utilised timber species for the export market. Under the programme to be implemented within the next three years, more balanced exploitation of forest resources would be pursued and more markets opened up within and outside the country for the under-utilised species. The project which will target small and medium-scale timber processing firms and training institutions, will also provide incentive packages to increase the overall efficiency and productivity of the wood processing industry.