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Brazilian bank releases first installment of Amazon Fund

December 10th, 2009

amazonFive Amazon environmental projects on Wednesday were to get their first installment of the Amazon Fund for development as the Brazilian Development Bank released 40 million U.S. dollars.

The Fund, created in 2008, has already received 110 million dollars from Norway, which has promised to deliver up to 1 billion dollars by 2016, and has got a pledged input of 26 million dollars from Germany.

The funded projects, picked by the Forum for Sustainable Amazonas, focus on reduction of deforestation and land regularization and reclamation.

Project managers will sign contracts with the development bank and the Fund money will be provided in installments in accordance with a scheme of plan and proof of expenses.

The implementation of the five projects, to kick off next month, are expected to complete in three years on average.

Carlos Minc, Brazilian environment minister, said that his country is expecting more contributions to the Amazon Fund during the ongoing United Nations Climate Change Conference in Copenhagen.

The minister added that at least two countries had confirmed their donations so far to the Fund.

The Amazon has the world’s largest drainage basin, which contributes 20 percent of the total volume of freshwater entering the oceans worldwide.

The Amazon is therefore deemed to be important to the global eco-system and environment.

Source: Xinhua

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