ISLAMABAD, Nov 6: Ministry of environment is setting up an “Endowment Fund” of $5 million under the Mountain Areas Conservancy Project (MACP) to meet the ongoing costs of conservancy management and ensure sustainability of the project’s initiatives even after the completion of the project.

According to a press release issued here on Wednesday, the decision was made at a meeting of the project steering committee, which was held to discuss the project’s terms of reference.

The meeting was presided over by federal minister for environment, Barrister Shahida Jamil.

The memorandum of understanding and articles of association (AoA) for the Mountain Area Conservation Fund were discussed and deliberated upon during the meeting.

While giving her views, the federal minister appreciated the objectives behind establishment of the fund but raised a few objections regarding the AoA and operational mechanism of the fund.

She constituted a sub-committee for revision and review of the terms of reference. The minister said that rethinking of structural mechanism for operation of the fund would be beneficial for achieving the objectives.

The sub-committee will submit its proposals in the next week.

The environment ministry is executing the MACP, which is funded by Global Environmental Facility through the UNDP for a total grant of $10.35 million.

The project is being implemented by the IUCN, Pakistan, in collaboration with the NWFP government, Northern Areas administration, World Wide Fund for nature, Agha Khan Rural Support Programme and Himalayan Wild Life Foundation.