AKIPRESS.COM - A group of conservation partners, facilitated by The Nature Conservancy and the government of Mongolia, announced the establishment of the Mongolian Nature's Legacy Foundation on March 26, GoGo reports.

The Mongolian Nature's Legacy Foundation is the independent conservation trust fund established to administer donor funds committed to the Eternal Mongolia Project Finance for Permanence (PFP) initiative, due to be signed next month, as the Minister of Environment and Tourism announced during the Mongolia Economic Forum in July 2023.

This is an essential step in establishing the conditions for the Eternal Mongolia PFP and has been led to completion by the Ministry of Environment and Tourism with the support of The Nature Conservancy.

Mongolian Nature's Legacy Foundation was incorporated in March 2024 and its initial Board was installed. It is chaired by Mr.Boldoo Magvan, the CEO of the Mongolian Green Finance Corporation, with a multi-stakeholder Board of Directors.

"Mongolian Nature's Legacy Foundation is based on an internationally-proven and transparent blended financing model, which effectively combines public, private, and development funds. It will accelerate progress towards sustainable development,  and we are glad to establish the foundation to invest in conservation priorities and strengthen green development initiatives in Mongolia," Board chair of the foundation Boldoo Magvan said.

As defined within the Foundation's bylaws, the Board of Directors will have between 7 and 11 Directors; being two appointed by the Government of Mongolia and one by TNC. The other directors are local individuals selected for their experience and competencies and will include: a finance expert, a private sector person, a biodiversity/ climate specialist, a representative of community-based organizations, a person from international cooperation agencies working in Mongolia, a person from an environmental/ sustainable development NGO, and two additional persons selected by the Board for their leadership.

A detailed Environmental and Social Management Framework and System will guide the Foundation's grantmaking activities to ensure that any negative environmental and social impacts deriving from the PFP sub-projects are avoided, appropriate mitigation measures are developed, and benefits for local communities are maximized.