Logo of Phnom Penh Post newspaper Phnom Penh Post - Biofin ‘to make up shortage’

Biofin ‘to make up shortage’

Content image - Phnom Penh Post
The Ministry of Environment hosts a workshop on The Biodiversity Finance Initiative - Biofin - in Cambodia on Thursday. Ministry of Environment

Biofin ‘to make up shortage’

A ministry of Environment official said last week that the Biodiversity Finance Initiative (Biofin) will help make up the shortage of finance for expenses on managing natural resources in Cambodia as the current expenditures exceeded the existing budget.

Biofin is a global collaborative partnership to develop and implement an evidence-based methodology that improves biodiversity outcomes using finance and economics.

Managed by the UN Development Programme (UNDP), the initiative was developed in response to the need for better information on current expenditure and financing needs and for the formation of a comprehensive methodology that helps countries develop resource mobilisation strategies and solutions.

Thirty-five counties are currently implementing the Biofin methodology, with Cambodia participating last year by implementing a new financing method to conserve and manage biodiversity in a sustainable manner.

Tin Ponlok, the Ministry of Environment’s secretary-general at the General Secretariat of the National Council for Sustainable Development, said there was a budget shortage in conserving the natural resources in the Kingdom during a consultation workshop on Biofin.

“Usually, the expenses to manage natural resources always exceeded the resources we have, so the implementation of Biofin will [help us] find the methods to make up the budget shortage and will lead to an effective action plan in managing those natural resources,” he said.

Held on Thursday, the workshop was aimed at disseminating Biofin information for the beneficiaries, giving instructions on assessment methods of the project and consulting with the relevant parties in order for all stakeholders to prepare an action plan for future cooperation on the initiative’s implementation.

Ponlok said natural protected and conserved biodiversity areas currently account to 41 per cent of Cambodia’s total land.

On its Facebook page, the Ministry of Environment recently wrote that Cambodia had received financing support from the UNDP to implement the initiative for a period of five years from 2018 to 2022.

UNDP representative, Jessica Alvsilver, said the whole idea of Biofin was to find solutions using the economic and financial means to achieve the Kingdom’s biodiversity and development objectives.

“There is a need for all stakeholders and all actors to contribute and participate in conserving biodiversity. This is not for nature. This is for all humans, economic entities and governments. In other words, it is for the people of Cambodia,” she said.


  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Bosba: The first Khmer woman composer from UK’s Cambridge

    Bosba Panh is just 25 years old, but she’s already accomplished some impressive milestones for herself and the Kingdom. On July 24, she graduated with a Master’s degree from the University of Cambridge as the first Khmer woman composer and Khmer music graduate ever at

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Debt restructuring over, time to tackle rising NPL ratio

    The Cambodian banking system has just completed a 26-month debt restructuring exercise where scores of loan accounts were revised, classified and provisioned as the rate of non-performing loans inched up, sparking a slight credit risk unease Implemented in April 2020, the Covid-19 debt restructuring measures came

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’

  • Koh Slaket studio resort brings culture with style

    Davitra (Cambodia) Co Ltd’s multi-million-dollar 13ha Koh Slaket studio-cum-resort just east of the capital was inaugurated in the first phase on August 6, providing national and international tourists with a new travel option and job opportunities for locals. The man-made cultural and scenic lakefront getaway