A total of $1.4 million in funding will be allocated through the Global Environment Facility (GEF) within the framework of the 17th meeting of the Conference of the Parties (COP17) to the UN Convention on Biological Diversity, being held in Yerevan, the Armenian capital, for the conservation and restoration of Armenia’s Lake Sevan.

COP17 President, Minister of Environment of Armenia Hambardzum Matevosyan announced this on Monday.

According to Matevosyan, this is Armenia's first GEF project. He noted that the financial commitments received from governments, charitable organizations, and investors within the framework of COP17 enable to mobilize more than $1.8 billion from all sources and assist decisive measures aimed at preserving biodiversity.

The Armenian minister said that this amount complements the previously announced commitment of $500 million and the targeted funding of €300 million, which was announced Sunday.

As per Matevosyan, the first week of COP17 demonstrated the possibilities of multilateral cooperation. Participants made important decisions on biosecurity, invasive unfamiliar species, gender issues in education, and information sharing.