IFC to extend $1.6-M grant to El Nido-Taytay marine proj

The International Finance Corp. (IFC) will extend a $1.6 million grant to the El Nido-Taytay Marine Protected Area in northwestern Palawan.

The IFC is the private investment arm of the World Bank. Through the so-called Global Environment Facility, the funds will be provided to the El Nido Foundation, a non-profit organization designed to protect the area’s natural resources covering roughly 90,000 hectares. The reserve contains extensive coral reefs, mangroves, sea grass beds, and tropical forest.

The foundation will collaborate with local communities to mitigate threats to the protected area, which include illegal fishing, overfishing and sedimentation.

The project activity will include environmental education, alternative livelihood development, marine surveillance, biological monitoring, and the establishment of financial sustainability mechanisms.

According to the IFC, the Asian Conservation Co. (ACC) will supervise the financial sustainability aspect of the project.

The ACC is a private equity investment holding company.

"By combining the skills of professional investment managers with the biodiversity-related expertise of experienced conservation non-government organizations, this project presents a promising approach for leveraging improved environmental performance within the private sector and demonstrating the business case for biodiversity conservation," the IFC said.

The World Bank’s private investment arm has been very active in making investments in the Philippines. Last year, it was able to invest $67 million in various private-sector activities.

The lending and investment portfolio included: Banco de Oro Universal Bank ($20 million); Asian Eye Institute ($1 million); Hongkong and Shanghai Bank Corp. ($10 million); Legacy Scholarship and Pension Plan ($190,000); Manila Water Co. ($30.59 million); and Software Venture International Inc. ($4 million).

In the Asia Pacific region, it has already committed $573 million with China taking the lion’s share of the 31 projects.