- Increase fontDecrease font Text size
Detail of GEF Project #1089
| GEF Project ID | 1089 |
| IBRD PO ID | 506048 |
| Funding Source | GEF Trust Fund |
| Project Name | Asian Conservation Company (ACC) |
| Country | Philippines |
| Region | Asia and the Pacific |
| Focal Area | Biodiversity |
| Operational Program | 2 |
| Pipeline Entry Date | 2001-05-04 |
| Approval Date | 2002-05-17 |
| CEO Endorsement Date | 2004-02-11 |
| GEF Agency Approval Date | 2004-02-27 |
| Project Completion Date | 2010-08-27 |
| Project Status | Project Completion |
| Executing Agency | International Finance Corporation |
| Description | The project will support the incremental costs of a new approach to mobilizing private capital and grant funding to help conserve new and existing marine protected areas (MPAs) at six key sites in the Philippines. It is innovative in the way that a holding company is set up. Essentially, private investors are willing to take lower returns on their investment on ACC in exchange for funding biodiversity conservation. It will provide funds for the first biodiversity oriented holding company which will become a long-term (up to 50 years) shareholder in companies that are strategically located in sectors and regions within the Philippines which allow it to leverage significant benefits for biodiversity. The investment company will work in tandem with a parallel foundation, the Asian Conservation Foundation (ACF) in order to provide technical assistance and funding for conservation activities at key marine and coastal sites. The project will address two major conservation objectives: (a) Long-term conservation of globally significant marine and coastal biodiversity, and (b) demonstration of a globally replicable model. Examples of expected conservation activities are conservation management, marine enforcement, information-education-communication, sustainable livelihoods, biodiversity research and monitoring, and development of institutional and financial sustainability mechanisms. Initial sites include: El Nido, Palawan; Sangay Reserve, Geros Occidental; Asid Gulf, Masbate; North Guimaras Strait; Estancia and Concepcion, North iloilo, and Bantayan Island, Cebu. |
| Implementation Status | Project was approved by GEF Council in May 2002. Received CEO endorsement on Feb. 11, 2004. Management approval received in February 2004. The first disbursement for Tranche I was made in September 2004. |
| GEF Project Grant | 1,600,000 USD |
| GEF Grant | 1,600,000 USD |
| Cofinancing Total | 14,800,000 USD |
| Project Cost | 16,400,000 USD |
| GEF Agency Fees | 186,000 USD |
| GEF Project (CEO Endo.) | 1,600,000 USD |
| Cofinancing Total (CEO Endo.) | 15,300,000 USD |
| Project Cost (CEO Endo.) | 16,900,000 USD |
| Project Documents |
Related Links: Country Profile | Project Search