Bhutan Trust Fund for Environmental Conservation (BTFEC) and the Gross National Happiness Commission (GNHC) signed a Memorandum of Understanding (MoU)for financial assistance of up to USD 7 million (mn) for program financing of Bhutan for Life (BFL) as a ‘Project Finance for Permanence’ – implementation of conservation programs in the Protected Areas (PAs) on 13 August.
BTFEC will annually release Nu 32.500 mn in accordance with the annual work plan prepared and submitted to BTFEC by Project Coordination Unit. The executive director of BFLFS thanked BTFEC for their generous donation and stated, ‘’BTFEC has been a sustainable financing partner in the field of nature conservation since its establishment in early 1990s.’’
BTFEC, a conservation grant-making organization, has supported more than 200 projects as of June 2019. In the recent years, BTFEC collaborated with GEF, Climate investment fund, World Bank and Adaptation Fund. BTFEC supports various climate projects in the country, and at the same time,ensures a steady growth of its endowment fund, which, to date, stands at USD 70 mn. This is an exponential increase from initial endowment of USD 20 mn.