Caribbean Sustainable Finance Architecture continues to grow with injection of 25.5 Million Euros from KfW on behalf of the German Government
Caribbean Biodiversity Fund, December 18, 2019 - The Caribbean Biodiversity Fund (CBF) and the German Development Bank (KfW), on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), have partnered again to expand the CBF’s Conservation Finance Program with a new injection of 25.5 Million Euros to the CBF Endowment.
“With this new contribution, the German Government reaffirms its commitment to build effective institutions for the conservation and sustainable use of natural resources in the Caribbean”, said Prof. Dr Claudia Warning, Director General for the Middle East, Asia, Latin America, South-Eastern and Eastern Europe for BMZ.
“We are proud to announce this additional support for the expansion of CBF to new members in the Caribbean. This comes as a response to a growing interest in the work of CBF as well as the conviction that we need to join forces in the fight against climate change and the protection of biodiversity” said Dr Jens Mackensen, Head of Division, Natural Resource Protection and Agriculture, Latin America and the Caribbean at KfW.
The new agreement will support the incorporation of up to four new countries to benefit from the CBF Endowment instrument, namely Dominica, Guyana, Haiti and Cuba. “We are humbled by the vote of confidence from the Government of Germany and excited to be able to extend our reach in the Caribbean,” said Eleanor Phillips, Vice-Chair and Treasurer of the CBF.
In addition, the agreement also incorporates capacity building activities in the areas of governance, monitoring and evaluation, environmental and social safeguards, communications and others to strengthen the CBF and its partner national conservation trust funds. The new agreement also includes a provision for The Bahamas to support them in their recovery efforts from Hurricane Dorian.
CBF’s Chief Executive Officer, Yabanex Batista also noted that “The expansion of the CBF Endowment, to act in new countries and with new partners, will allow us to mobilize additional resources to guarantee the financial sustainability of protected area systems throughout the region”.
Established in 2012, the Caribbean Biodiversity Fund (CBF) is the realization of a bold vision to create reliable, long-term funding for conservation and sustainable development in the Caribbean region. The CBF and its partner national funds support and incentivize Caribbean nations to meet their international and regional commitments. The CBF Endowment Fund was originally created at the same time the CBF was established with initial commitments of US$42 million that supported 8 countries. The proceeds of the Endowment are channelled through eligible National Conservation Trust Funds (NCTFs) that have signed Partnership Agreements with the CBF. The Partner NCTFs then lead the grant-making programs at the national level with resources from the CBF and other donors.
Learn more about the CBF at www.caribbeanbiodiversityfund.org
For more information, please contact:
Karen Mcdonald Gayle, Programme Manager, Conservation Finance