Abstract
International forest projects financed by development assistance agencies or international lending institutions, have evolved during the last 20 years from industrial forest management projects to agroforestry/watershed conservation projects. A 1985 World Resources Institute report calls for the investment of $8 billions US over the period 1987-91 to fight deforestation. International forest projects ex-ante rates of return are found to be well above 10%. Non-economic variables and economic variables are listed to explain a 50% discrepancy between those and ex-post rates of return of forest plantation projects in West Africa. The financial and economic analysis is defined and proposed to improve their financing. Key words: Tropical forestry action plan, rates of return, common property, externalities, private and public sectors participation.
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