22 July 2010: World Bank president Robert B. Zoellick visited Mexico to sign two recently-approved ‘green loans’ worth US$800 million and announce new Mexican participation in the Forest Investment Program (FIP).

The FIP is within the World Bank’s Strategic Climate Fund, a multi-donor Trust Fund within the World Bank’s Climate Investment Funds (CIF). The FIP’s overall objective is to mobilize significantly increased funds to reduce deforestation and forest degradation, and to promote sustainable forest management, leading to emission reductions and the protection of carbon reservoirs. Zoellick, who praised President Felipe Calderon for his leadership in climate change issues, said these decisions demonstrate the Bank’s commitment to deepen its support to Mexico’s already extensive climate change programme, especially in light of the upcoming 16th session of the Conference of the Parties to the UNFCCC (COP16) to be held in Cancun, Mexico, at the end of 2010. [World Bank Press Release]