Summary of Proposed Investment
Project Number
506048
Date SPI Disclosed
Jan 16, 2004
Country
Philippines
Industry
Infrastructure
Projected Board Date
Mar 1, 2004
Status
Completed
Sector
Finance Companies
Department
Advisory Services
Environmental Category
FI
Project Description
The purpose of the ACC is to provide a financial return for investors while also generating a “conservation return” in terms of increased preservation of ecologically-significant marine habitats. The ACC has currently achieved a committed capitalization of $12.25 million towards its targeted level of $16.0 million. It is managed by Next Century Partners, a Manila-based fund management company.
The purpose of this project is to conserve significant coastal and marine biodiversity through a unique partnership between a private equity investment holding company (ACC) and two local nongovernmental organizations. IFC will channel a total of $4.5 million in GEF grant funds for the two local NGOs to carry out conservation activities in the six biodiversity rich areas mentioned above. The conservation activities in the Tranche 1 site of El Nido will be implemented by the El Nido Foundation (ENF). The conservation activities in the five Tranche 2 sites in the Visayan Sea will be implemented by the World Wildlife Fund-Philippines (WWF-P). ENF and WWF-P will involve and foster ownership among multiple stakeholders, including governmental agencies, local communities, private sector operators, and other local NGOs. The conservation activities will include: conservation management, marine enforcement, information-education-communication, sustainable livelihoods, biodiversity research and monitoring, and development of institutional and financial sustainability mechanisms. The ACC portfolio companies – Ten Knots Corporation and Stellar Fisheries – will allocate some of their revenues to sustain these conservation activities after the GEF funds are fully utilized.
The purpose of this project is to conserve significant coastal and marine biodiversity through a unique partnership between a private equity investment holding company (ACC) and two local nongovernmental organizations. IFC will channel a total of $4.5 million in GEF grant funds for the two local NGOs to carry out conservation activities in the six biodiversity rich areas mentioned above. The conservation activities in the Tranche 1 site of El Nido will be implemented by the El Nido Foundation (ENF). The conservation activities in the five Tranche 2 sites in the Visayan Sea will be implemented by the World Wildlife Fund-Philippines (WWF-P). ENF and WWF-P will involve and foster ownership among multiple stakeholders, including governmental agencies, local communities, private sector operators, and other local NGOs. The conservation activities will include: conservation management, marine enforcement, information-education-communication, sustainable livelihoods, biodiversity research and monitoring, and development of institutional and financial sustainability mechanisms. The ACC portfolio companies – Ten Knots Corporation and Stellar Fisheries – will allocate some of their revenues to sustain these conservation activities after the GEF funds are fully utilized.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ms. Leigh Talmage-Pérez
President, Asian Conservation Company
#10-14, Ayala Tower One
Ayala Avenue, Makati City 1226 Philippines
Phone: (63-2) 813-4678; (63-2) 848-6742
Fax: (63-2) 848-6741
Email: Leigh@asianconserve.com
www.asianconserve. com
President, Asian Conservation Company
#10-14, Ayala Tower One
Ayala Avenue, Makati City 1226 Philippines
Phone: (63-2) 813-4678; (63-2) 848-6742
Fax: (63-2) 848-6741
Email: Leigh@asianconserve.com
www.asianconserve. com