BIOFIN commenced activities in Ecuador in 2013, with the inception workshop which took place at the end of that year. From early 2014, analytical work took off to map the country's drivers of biodiversity loss and related policies and institutes. In September 2015, steering committee meeting was convened. It summarized the progress of BIOFIN and made discussions on how to align their recommendations into the public policy management.
In the future BIOFIN plans to support the Ecuadorian government in the implementation of several mechanism of resource mobilization. It aims to improve the management of sectoral policies and further increase the funding for the National Biodiversity Strategy.
Biodiversity Finance Example in Ecuador
Established in 2000 by the municipal government, in partnership with a non-governmental organization, the Fund for the Protection of Water (FONAG) - a financial mechanism regulated by the Securities Market Law of Ecuador, has mobilized resources to finance critical hydrological ecosystem services, including land acquisition for key hydrological functions. By 2009 FONAG had received more than US$7 million allowing a significant contribution to finance programmes in Quito targeting water conservation, communication, environmental education, forestry, etc.The fund has covered over 65,000 ha of watersheds and benefited the communities living in the surrounding area through capacity building and development of sustainable agriculture practices.