BAKU, Azerbaijan, April 13. The World Bank has approved financing for a major regional environmental project titled "Blueing the Caspian Sea: Building Capacities for Pollution Management and Biodiversity Conservation," TurkicWorld reports citing the institution.
The initiative brings together Azerbaijan, Kazakhstan, and Turkmenistan, aiming to strengthen regional cooperation in addressing pollution and safeguarding the biodiversity of the Caspian Sea.
The financing package was approved on April 8, 2026. The Global Environment Facility will allocate $11.74 million in grant funding to the World Bank and the United Nations Environment Programme, which will act as implementing agencies.
Of the total amount, the World Bank will seek Board approval for a project valued at $8.24 million, to be executed by the United Nations Office for Project Services as the GEF implementing partner.
Additionally, a Project Preparation Grant (PPG) of $183,489 will be provided to UNOPS to support preparatory work, including the development of environmental and social safeguards, as well as coordination among the participating countries.
While the World Bank will serve as an implementing agency responsible for submitting the consolidated project for GEF CEO endorsement, it will not assume fiduciary or supervisory oversight of the component executed by UNEP.
The project is expected to enhance national capacities in pollution control and biodiversity conservation, while supporting participating countries in meeting their obligations under the Tehran Convention and its associated protocols.
