BAKU, Azerbaijan, April 13. The World Bank has
approved financing for a major regional environmental project
titled “Blueing the Caspian Sea: Building Capacities for Pollution
Management and Biodiversity Conservation,” Trend reports citing
the institution.
The initiative brings together Azerbaijan, Kazakhstan, and
Turkmenistan, aiming to strengthen regional cooperation in
addressing pollution and safeguarding the biodiversity of the
Caspian Sea.
The financing package was approved on April 8, 2026. The Global
Environment Facility will allocate $11.74 million in grant funding
to the World Bank and the United Nations Environment Programme,
which will act as implementing agencies.
Of the total amount, the World Bank will seek Board approval for
a project valued at $8.24 million, to be executed by the United
Nations Office for Project Services as the GEF implementing
partner.
Additionally, a Project Preparation Grant (PPG) of $183,489 will
be provided to UNOPS to support preparatory work, including the
development of environmental and social safeguards, as well as
coordination among the participating countries.
While the World Bank will serve as an implementing agency
responsible for submitting the consolidated project for GEF CEO
endorsement, it will not assume fiduciary or supervisory oversight
of the component executed by UNEP.
The project is expected to enhance national capacities in
pollution control and biodiversity conservation, while supporting
participating countries in meeting their obligations under the
Tehran Convention and its associated protocols.
