DFDL recently advised on the establishment of the very first wildlife and biodiversity fund in Myanmar (the “Myanmar Biodiversity Fund”). This fund is unique both in structure and operation and a niche concept sure to attract attention from numerous funders. The Myanmar Biodiversity Fund (“MBF”) will issue grants and provide financial support to a variety of entities (e.g. government agencies, national parks and protected areas, communities and community organizations, NGOs and associations, universities and researchers) for projects and activities in pursuit of greater biodiversity across the country.
DFDL team comprised of Thida Aye (DFDL Myanmar Partner), Nishant Choudhary (DFDL Myanmar Deputy Managing Director and Head of Banking & Finance Practice) and Rohan Bishayee (DFDL Myanmar Legal Adviser) worked with the Wildlife Conservation Society, Myanmar and members of the Steering Committee (from various conservation NGO’s) to advise and assist on the most suitable structural formation. The MBF has been incorporated as a ‘company limited by guarantee’ without share capital and will operate as a de facto non-profit entity for all intents and purposes.
The MBF is the first entity registered as a company and working for wildlife protection, biodiversity and related non-profit activities serving the environment as a whole. The Directorate of Investment and Company Administration (“DICA”) has been particularly receptive throughout the entire process. This is especially so considering the fact that a company limited by guarantee is an entirely new concept under the Myanmar Companies Law 2017 and which did not have any place under the old regime.
The MBF is expected to receive funding from offshore donors via an offshore trust fund (to be established) along with local funding (sources not disclosed). The MBF is the first of its kind, and it is widely hoped that it will go a long way towards improving and fostering wildlife, biodiversity and environmental preservation in Myanmar.
Partner & Managing Director