The project will support the establishment of a Fund of $20-50 million being established by the International Finance Corporation (IFC) to make equity and quasi-equity investments in Latin American companies that sustainably use or protect biodiversity. Investments may include sustainable agriculture, use of underutilized species, sustainable forest management, non-timber products from forests and wildlands, and ecotourism. It will target investments of $300,000 to $10 million, a range which is frequently lacking funding because it is too high for conservation NGOs and too low for the IFC and other institutional financing. The GEF grant will pay the incremental costs associated with the higher-than-average, biodiversity-specific screening and evaluation costs of the fund's investments. IFC Board approval in June 1997 and final GEF Council endorsement in July 1997. Fund raising underway by fund managers. (NOTE: the reported total cost of $55 million assumes full authorized capitalization of the fund, combined with the value of the GEF funds.)

Project Details

GEF Project ID
120
Country
Regional
Implementing Agencies
The World Bank
International Finance Corporation
Approval FY
1997
Status
Cancelled
Region
Regional
Executing Agencies
Fund Management Company for the Biodiversity Enterprise Fund for Latin America
GEF Period
GEF - 1
Project Type
Full-size Project
Focal Areas
Funding Source
GEF Trust Fund

Financials

USD
Co-financing Total
0
GEF Project Grant
5,000,000
GEF Agency Fees
0

Timeline

Concept Approved
01 Oct 1995
Project Approved for Implementation
16 Jul 1997
Project Closed
29 Oct 2004
Project Cancelled
01 Apr 2003