Ecuador to reimburse fund for failed Yasuni ITT initiative

Posted on November 8, 2013 • Filed under: Ecuador, Enviromental Issues, Oil

On 2 September the Government of Ecuador formally notified the UN Development Programme (UNDP) that it had brought the Yasuní ITT initiative to an end. Subsequently, on 8 October the Trust Fund’s Steering Committee agreed that the Trust Fund would reimburse all contributions received. The Yasuní ITT Trust Fund Steering Committee is responsible for the strategic focus and supervision of the Fund, and is composed of representatives from the Government of Ecuador, contributing governments, and Ecuadorian civil society. UNDP, in its role of Trust Fund manager, welcomes the decision taken by the Government to enable the full reimbursement of all contributions.The liquidation mechanisms agreed by the Steering Committee of Ecuador’s Yasuní ITT trust are:

Reimbursement of 100 percent of all contributions;
Contributors will have the option to reinvest all or part of their contributions in development programmes and projects in Ecuador; A six month timeframe has been set for the complete liquidation of the ITT Yasuní Trust Fund. Read Article


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