The World Bank has approved funding for an environmental initiative aimed at restoring the Caspian Sea ecosystem and strengthening the capacity of regional countries in pollution management and biodiversity conservation, Trend reported on Monday.
The project is being implemented with the participation of Turkmenistan, Azerbaijan and Kazakhstan and is focused on developing regional cooperation in environmental protection. The financing package was approved on April 8, 2026.
The Global Environment Facility (GEF) will provide a $11.74 million grant. The funds will be channeled through the World Bank and the United Nations Environment Programme, which will serve as implementing agencies in the three countries.
In addition, the World Bank will submit for consideration by its Board of Directors a separate $8.24 million project, which is planned to be implemented by the United Nations Office for Project Services (UNOPS).
The organization will also receive a $183,500 GEF preparatory grant to develop tools aligned with environmental and social standards and to coordinate cooperation among stakeholders.
The project is structured around three key components: pollution management with a budget of $3.9 million, development of a system of protected areas with equivalent funding, and project management, allocated $443,120.
According to the report, the initiative aims to improve pollution control mechanisms and strengthen biodiversity conservation efforts by enhancing the institutional capacity of participating countries.