ISLAMABAD, Dec 17: The United Nations Development Programme (UNDP) on Friday signed a Memorandum of Understanding (MoU) with an oil and gas company to launch a $200,000 project for developing a sustainable forest in Sindh.

According to a press release, the UNDP has joined hands with the private sector for developing a sustainable tropical forest in Dadu district. The MoU was signed by UNDP Resident Representative Onder Yucer and officials of the multinational oil and gas production company.

The "Forest Conservation and Development Project through Community Participation" will include co-financing of $100,000 by both the UNDP and the private sector.

The company will work with the UN body on a cost-sharing basis to expand the tropical forests programme that the latter and the European Union are implementing throughout the South Asian region, including Pakistan.

Forests in Pakistan are fast depleting and particularly in Sindh, the forest cover is very low, the press release said. Under the Promotion of Tropical Forest Project, the UNDP will administer the private sector contribution and designate a partner civil society organization that will act as the implementing agency of the project in Dadu.

Conservation of forests requires proactive participation of local communities that live in and around the forest area, it added. The project is unique as it involves government, the United Nations system, the European Union, local communities and the private sector. This mode of conservation is inclusive and, therefore, increases the chance of success and sustainability.