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Detail of GEF Project #126

GEF Project ID126
Funding SourceGEF Trust Fund
Project NameBrazilian Biodiversity Fund
RegionLatin America and Caribbean
Focal AreaBiodiversity
Operational ProgramSTRM
Approval Date1991-05-01
GEF Agency Approval Date1996-04-16
Project Completion Date2004-02-28
Project StatusProject Closure
GEF AgencyWorld Bank
Executing AgencyMinistry of Environment and the Legal Amazon (MMA); Brazilian Institute for Environment and Renewable Resources (IBAMA)
DescriptionThe project will help establish the Brazilian Biodiversity Fund (FUNBIO), to be managed by the Getulio Vargas Foundation, a private non-profit organization. An independent Board, composed of representatives from the private sector, the conservation community, academia and government, has been appointed and will be responsible for FUNBIO operational and investment policy. FUNBIO is a sinking fund with a minimum contribution target of $25 million, to be provided by GEF, the private sector, NGOs, the public sector and research institutions. The fund will provide modest long-term financing for projects consistent with biome-level priorities identified in the MMA-managed workshops in the National Biodiversity Project.
Implementation StatusProject implementation is satisfactory. Notwithstanding modifications to the original institutional design and a number of changes with respect to internal Bank supervision, since inception the project has been widely viewed as one of the most innovative and successful of its kind. Among other achievements, the project has been able to leverage over 5 million US dollars in private sector funding for biodiversity, establish important partnerships (e.g., Ford Foundation, Fundación Rureco, Instituto Terra and others), and actively engage well-regarded experts from a broad range of sectors (including the outgoing Board Chairman who previously headed UNIBANCO, one of Brazil's largest and most respected commercial banks).
GEF Project Grant
20,000,000 USD
GEF Grant
20,000,000 USD
Cofinancing Total
5,000,000 USD
Project Cost
25,000,000 USD
Project Documents

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