Governments of the region are increasingly aware of economic values of marine / coastal resources, and their sharp decline. Consequently, they came together in 2008 to find a solution. Out of this initiative, senior government officials made two commitments.
- “20 by 20” target. To effectively conserve at least 20% of their near-shore marine / coastal environment by year 2020.
- To support and put in place a new sustainable finance architecture that will generate long-term funding for the marine and coastal environment in the form of trust funds and sustainable finance mechanism, such as tourism user fees.
Proceeding the Caribbean Challenge Initiative in 2008, The World Bank through The Nature Conservancy (TNC) the Implementing Agency, implemented a five year project on August 4th, 2011. Ending December 31st, 2016
“Sustainable Financing & Management of Eastern Caribbean Marine Ecosystem Project” was born and under the Sustainable Financing & Management of Eastern Caribbean Marine Ecosystem Project the Nature Conservancy and project partners came together and set up the Caribbean Biodiversity Fund (CBF).
The CBF’s initial capitalization was US$32.
CBF is a regional endowment fund whose objective is to provide a sustainable flow of funds to support activities that contribute substantially to the conservation, protection and maintenance of biodiversity within the national protected areas systems or any other areas of environmental significance of its participating countries.
The endowment contribution for Antigua & Barbuda is US$4.2 million. The proceeds generated by investing these funds (approximately $175,000 based on a return of 4.5% at current market rates) will be channelled to the MEPA Trust for project funding. The MEPA Trust will be required to match CBF’s funding as of year three.
The MEPA Trust matching funds will come from the Sustainable Island Resources Framework Fund (SIRF Fund)