Congo Basin Forest Fund approves 25 New Projects
The Governing Council of CBFF endorsed at it’s 9th Governing Council meeting a total of 25 new projects, including 13 government projects and 12 projects from the civil society, amounting to Euros 63,136,586.
Several of the government projects aim at building readiness for REDD in the Congo Basin.
The CBFF meeting also considered the future operational strategy of CBFF and discussed the preparation of CBFF support to a regional program for REDD+ Monitoring, Reporting and Verification.
The Congo Basin Forest Fund (CBFF) was established in June 2008 with the twin goals of alleviating poverty and addressing climate change through reducing, slowing and eventually reversing the rate of deforestation in the Congo Basin. The CBFF received an initial contribution of Euros 118 million from the Governments of the United Kingdom (UK) and the Kingdom of Norway. It is expected that other bilateral and multilateral donors will follow.
In addition to the two co-chairs, the Rt. Honorable Paul Martin, Former Prime Minister of Canada and Professor Wangari Maathai, Nobel Peace Laureate, the CBFF Governing Council also includes representatives from the Central African Commission on Forests (COMIFAC), the Economic Community of Central African States, the African Development Bank and the donors.
The Governing Council is responsible for: setting the strategic direction of the Fund; setting objectives and milestones; financial oversight and budget proposals review to ensure consistency with the strategic direction; reviewing projects proposed by the secretariat for inclusion in the work plan, including secretariat budget approval and control; building coherence among stakeholders; contributing to advocacy and leverage of resource mobilization initiatives aimed as securing contributions to the Fund; and approving the CBFF’s annual budget and financial statements.
The Secretariat is hosted within the AfDB’s Department of Agriculture and Agro-Industry (OSAN) and situated in the Bank’s Temporary Relocation Site in Tunis.
The CBFF Secretariat will now proceed with the partner institutions in order to finalize the process of consolidation of project documentation and signature of the grant agreements.