World Bank Announces Finance for Indonesian Coral Reef Conservation

21 February 2014 – The World Bank has announced a US$47.38 million project loan focused on the rehabilitation of Indonesia’s coral reefs. This financing is the last tranche of a three-phase program that began in 1998. The loan is supplemented by a US$10 million grant from the Global Environment Facility (GEF). Indonesia has also pledged US$5.74 million for the 5-year project.

The project will also receive more than US$62 million of additional funding from the Coral Reef Rehabilitation and Management Program – Coral Triangle Initiative (COREMAP-CTI) project.

With overfishing and destructive fishing practices threatening approximately two-thirds of Indonesia’s coral reefs, COREMAP-CTI seeks to develop an integrated community-based approach to sustainable coastal resources planning and management. It builds on the successes of previous COREMAP projects, phase I and II. Rodrigo Chaves, World Bank Country Director, Indonesia, noted that the next challenge is to mainstream this approach into local government and village programs. Gustavo Fonseca, GEF, added that the coastal and ocean resources in the project area provide critical food, livelihoods, storm protection and tourism opportunities for millions of people in the region and beyond.

COREMAP-CTI is a 15-year partnership between Indonesia, the World Bank, and the GEF, and will pilot initiatives such as marine spatial planning, community rights-based fisheries, and an ecosystem-based approach to fisheries management. Indonesia has also pledged, by the year 2020, to set aside 20 million hectares of marine space for marine conservation area management. The COREMAP-CTI project is the main mechanism for meeting this commitment.

Source: Biodiversity Policy & Practice
Photo: © Rony Megawanto, MPAG (Young Fishermen in Kei Kecil with their catch)

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