The BIOFIN Initiative in Zambia started in September 2015 with project staff having been engaged in September 2016. To date, the project has finalized the development of the Policy & Institutional Review. The Financial Needs Assessment (FNA) is at 95% completion whilst the Biodiversity Expenditure Review (BER) is at 50% due to challenges in accessing expenditure data from spending agencies.  The development of the Biodiversity Finance Plan (BFP) is currently at 50% with intent to have it finalized before 31st December 2018. 

Progress Reports

Policy and Institutional Review (PIR)

The PIR has been completed and is being readied for publishing. The process included a review of the policies, legal instruments and institutional set ups for biodiversity financing. Through the PIR, Zambia has been able to identify the priority sectors of focus for BIOFIN as well as recommendations of some of the finance solutions for consideration. 

Expenditure Review (BER)

This output is currently at 50% completion. This is due to challenges in data collection which was largely hampered by the malfunctioning of the Government Accounting system (IFMIS). Due to these challenges, data collection will only cover 4 years ie 2014, 2015, 2016, and 2017. So far, data for these four years has since been received and is currently being cleaned for analysis.

Needs Assessment (FNA)

The implementation of the FNA began with the orientation meeting that was held in March 2017. This was followed by the costing workshop in April 2017 by each lead institution. A report has since been finalized and validated pending final approval by the Steering Committee.

Finance Plan (BFP)

Zambia started with a potential of 30 finance solutions which have so far been trimmed to 12 after the prioritization workshop and a series of consultations among stakeholders including the BIOFIN global team. The 12 solutions are categorized as follows: five (5) on green finance, two (2) on strengthening biodiversity institutions, two (2) meant to improve systems for biodiversity conservation institutions and two (2) aimed at contributing towards the improvement of biodiversity-related policies and regulations. 

These solutions will undergo a final review and validation in the second week of November 2018 before drafting the full biodiversity finance plan. 

Finance Solutions

Implementation of the prioritized solutions will only commence in January 2019. Under phase 2 (effective January 2019), the following solutions have been earmarked as priority 1 for implementation.

Solution #1: Development of the National Green Finance Framework

Solution #2: Development of green finance directives/ guidelines for the financial sector (banking, capital markets, and insurance sectors) 

Solution #3: Making a case for increased Government budgetary allocation and budget releases towards environmental protection. 

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