BLANTYRE, Malawi, April 6 (Xinhua) -- United Nations Development Program Resident Representative for Malawi Fenella Frost says the government of Malawi is making strides in biodiversity conservation through the Biodiversity Finance Initiative (BIOFIN) project.
Frost said this during the wrap up of a three-day 10th Africa Regional Dialogue for BIOFIN held in Malawi's commercial city of Blantyre on April 3-5.
She said the country's efforts and commitment in mobilizing resources have been shown through restructuring of the budget, promoting carbon trading, and implementing payment for ecosystem services.
Earlier, Minister of Finance and Economic Affairs Simplex Chithyola Banda said his ministry has also developed biodiversity budgeting codes for various ministries that will enable allocation of funds for biodiversity conservation within the public finance system.
The minister emphasized the need to prioritize the needs and aspirations of local communities and vulnerable groups who rely on biodiversity for their survival and well-being.
According to the minister, the country's vision is to create attractive payment schemes that will sustain ecosystem services and benefit communities and service providers.
Malawian authorities have since called on African countries to increase budget expenditure in order to make an investment in the collective future.
More than 70 biodiversity finance experts and government officials from 16 countries came together to share experiences, discuss biodiversity finance strategies, and explore opportunities for finance solutions.
The BIOFIN initiative in Malawi started in September 2015 and commitment to participate in BIOFIN implementation phase started from 2018.
The project is being managed by the Ministry of Natural Resources and Climate Change in collaboration with the Ministry of Finance. ■