UNIDO enlists top global financier GEF in pioneering alt-power push

The United Nations Industrial Development Organization (UNIDO) focal point office in Colombo, has successfully marshaled a US based top tier global fund for its pioneering bamboo initiative leading to a large scale bio-mass alternative energy material growth in Sri Lanka.

"We are highly encouraged by the strong co-financing support of the Global Environment Fund (GEF) headed by Jeffrey Leonard whose firm has invested $1 billion in dozens of energy-related projects across the globe. GEF is one of the most experienced and successful private equity firms dedicated exclusively to investments in the energy and environment sectors. The first ever bamboo processing initiative by UNIDO a strong head-start in Sri Lanka," said Nawaz Rajabdeen, Head of UNIDO, in Colombo on September 13.

Rajabdeen announced the launch of Bamboo Processing Initiative on September 19, a UNIDO Country Programme which aims at developing a bamboo supply chain and product industry in the country, for the first time in history of Sri Lanka's informal bamboo sector.

The initial support funds for this project was billed at US $ 20 million, but it has now been boosted to $ 24 million due to the promise and expanded duration of the project.

The Sri Lanka Forestry Master Plan of 1995 identified that protection of bamboos in the country 'to be a priority.' This reinforces the opportunity to develop this industry, and gives an additional benefit" Rajabdeen said.

"We are looking at a seven-year project to upgrade this sector to make it internationally competitive and to be a provider for alternative biomass energy. Among the beneficiaries are rural households which harvest bamboo from the countryside and river banks.