Azernews.Az

Ulviyya Poladova

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The World Bank has approved financing for a major environmental initiative titled "Restoration of the Caspian Sea Ecosystem: Building Capacity for Pollution Management and Biodiversity Conservation", AzerNEWS reports, citing the institution.

According to reports, the project represents a significant step toward addressing environmental challenges in the Caspian Sea region.

The initiative will be implemented with the participation of Azerbaijan, Kazakhstan, and Turkmenistan, and is aimed at strengthening regional cooperation in combating pollution and protecting biodiversity. The financing package was approved in April. The Global Environment Facility will allocate $11.74 million in grant funding to the World Bank and the United Nations Environment Programme, which will act as implementing agencies.

Additionally, a Project Preparation Grant (PPG) of $183,489 will be provided to UNOPS to support preparatory work, including the development of environmental and social safeguards, as well as coordination among the participating countries.

The main objective of the initiative is to strengthen the institutional capacity of Azerbaijan, Kazakhstan, and Turkmenistan. By doing so, the project will support improvements in pollution management mechanisms and expand biodiversity conservation efforts throughout the Caspian Sea region. It will also complement ongoing efforts by participating countries to meet their commitments under the Tehran Convention and its related protocols.

The project is structured around three key components:

Pollution management - $3.9 million;
Development of specially protected natural areas - $3.9 million;
Project management - $443,120.