New Delhi, Apr 9 An ambitious and innovative four-year project, which aims at strengthening India's role as a leader in the world cane and bamboo industry, was launched here on Wednesday by the Union minister for the development of northeastern region, Mani Shankar Aiyar, at a function in the presence of the UNIDO director-general Kandeh Yumkella. The $2 million project will be implemented with effect from May 2008. UNIDO will be the executing agency, with the department of Industrial Policy and Promotion (DIPP), North Eastern Council and Development Commissioner (Handicrafts) as the coordinating and counterpart agencies. Of the total project cost of $ 2,307,373, the donor contribution of India is $1,868,472 from DIPP, NEC and DC (Handicrafts); and $196,000 as UNIDO's contribution. Describing bamboo as a promising agro-commodity and an economic lifeline for the people of the region, Yumkella said the project would be an excellent opportunity to further strengthen long-term cooperation between UNIDO and its three Indian partners in this important endeavour, namely DIPP, NEC and DC (Handicrafts), all of whom were convinced that bamboo could be a major vehicle for rural agro-commodity based livelihood development.