The World Bank (WB) will provide financial support worth about US$13 million through two financial agreements to help Laos carry out forest management and food security projects in an effort to foster the country's rural growth in times of economic hardship, the Lao newspaper Vientiane Times reported on Tuesday.

Two financial agreements were signed between Lao Deputy Finance Minister Viengthong Siphandone and WB's South East Asia Division Director Annette Dixon in Vientiane.

Of which, the US$10 million agreement is to finance the Sustainable Forestry for Rural Development Project (SUFORD) which builds on the foundations of the ongoing project that began in 2003, according to a press release from the WB.

The other worth about US$3 million will be used to fund the Rice Productivity Improvement Project which will help the public sector to produce larger quantities of high quality seeds and appropriate varieties for various conditions.

The two projects are expected to help Laos increase rice productivity, reduce the impacts of rising food prices, reduce poverty and protect the environment for people living in rural parts of the country.

(Xinhua News Agency March 3, 2009)