The main objectives of the project:i) Review the relevant policies and regulations related to financing and investment in forest sector in general and community-based forestry development in particular; ii) Map the existing enterprise modalities based on origins of investment capital and type of enterprise; iii) Assess different business governance models of forest-based enterprises in community-based forest systems in relation to what type of partnership and revenue sharing arrangements are agreed upon among right holders (the forest user groups) and other investors; iv) Explore the underpinning contextual factors impacting nature of investments and performance of an enterprise in community-based forestry systems; v) Undertake a financial analysis of different modalities of forest-based enterprises including investment capital, cost and benefits; vi) Provide the recommendation of the effective business governance models for community-based forest enterprises.