Recently, Tetra Tech Inc. (TTEK) received a contract to provide technical support to People, Rules, and Organizations Supporting the Protection of Ecosystem Resources (:PROSPER) program of the U.S. Agency for International Development (:USAID). Through this $20.4 million contract, Tetra Tech will help USAID promote community management of forests and other natural resources in Liberia.
Liberia is famous worldwide for biodiversity and has the largest remaining blocks of the Upper Guinea forest in West Africa. The time period for the PROSPER program is five years.
As per the contract, Tetra Tech will be providing training and knowledge transfer, community outreach, capacity building, and other technical support to solidify the legal and policy framework for community management of forest resources. Further, through this program, the basic land tenure, local governance, and property rights will improve.
About one-third of the Earth’s land surface is covered by forest, which provides many valuable resources, but in the recent times there has been a rapid destruction of the same. For a country like Liberia, forests play a vital role in its economic and social development, and therefore sustainable forest management programs and ecosystem protection are an urgent necessity.
According to reports from Common Sense Environmental Fund, only 13% of the world's forestlands are under forest management programs and 2% of the world's forests are protected by forest reserves.
Through this contract, Tetra Tech will help USAID in its initiatives of proper land tenure and in environmentally sustainable development of the region.
Tetra Tech Inc. is a leading provider of consulting, engineering, program management, construction and technical services focusing on resource management and infrastructure. It serves clients by providing cost-effective and innovative solutions to fundamental needs for water, environmental and alternative energy services. Major competitors of Tetra Tech are Arcadis NV, Shaw Group Inc. (SHAW) and URS Corporation (URS).
We currently maintain our Neutral rating on Tetra Tech Inc. with a Zacks #2 Rank (short-term Buy recommendation) over the next one-to-three months.
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