WCS has secured seed funding from Liz Claiborne Art Ortenberg Foundation. In addition, with WCS’s internal funding, WCS is able to commit US$1 million to establish the IBioFund. WCS is also providing technical assistance, in-kind, to support the development of the IBioFund.
IBioFund is held in a dedicated account in the Bank Rakyat Indonesia, a state owned bank in Indonesia. The US$1 million seed fund will be allocated as following (see Figure 1): 33% to support the establishment of IBioFund Management Unit operational cost and the formulation of IBioFund’s standard operational procedures. 27% to support pilot projects through a grant mechanism for proposal-based projects. 10% to support the pilot projects through a grant mechanism for immediate access projects. 20% to support pilot projects through an investment mechanism. 10% to support donor/investors engagement to grow the fund.
