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Madagascar Biodiversity Fund


Capital Management

According to its statutes, the Foundation is able to manage four types of funds:

  • Endowment fund
  • Sinking fund
  • Revolving fund
  • Management mandate fund.


The endowment fund process:

The management of the endowment fund (capital) is based on a policy that seeks to balance preserving and expanding the capital for the long run and securing a sufficient revenue stream to allow the Foundation to accomplish its mission. Only the interest is used to finance protected areas and biodiversity conservation.

The objective is to attain a 5% net annual return for the long term.

Grants support on-going management costs but also conservation and development activities.

Beneficiaries’ choice is made after an annual prioritization list: only sites which have an official protected statute can pretend to subvention from the Foundation. This official statute is delivered by the Malagasy Ministry of Environment and Forests.


Sinking Fund process:

The Foundation manages a Sinking fund that is to be disbursed over a 20-year period.

These funds come from a debt conversion agreement between the Malagasy Government and the German Government in April 2003.

We help to support 5 sites: Marojejy (co-manage with Anjarabe-Sud), Andringitra (co-manage with Pic d'Ivohibe), Ankarafantsika, Kirindy-Mite (co-manage with Andranomena) and Tsimanampetsotsa.



The two other types of funds are not yet manage by the Foundation.