PROJECT (DETAILS)

Country British Virgin Islands
Project Title Financial and Economic Analysis of the Management of Protected Areas to Support Sustainable Economies Project (BVI)
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Description

Key Topics:

Protected Area Management, Biodiversity Protection, Conservation Management, Eco-Tourism, Tourism Development, Cost-Benefit Analysis, Economics, Financial Management

 

Project Description and Objectives:

The main purpose of the MPASSE project is to implement integrated plans for biodiversity protection, conservation management, and sustainable use of protected areas and their surroundings, through the management of protected areas and stimulation of land-based eco-tourism.

 

The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over fifty other smaller islands and cays. The BVI economy is one of the more prosperous economies of the Caribbean region, and draws its main income from Financial Services (50% of GNI) and from Tourism (45% of GNI). The main challenge for the BVI is to develop the tourism industry, both institutionally supported (public and private), and jointly developed across all stakeholders (public and private sector). For the British Virgin Islands the focus of the study is particularly on:

  1. Improved eco-tourism facilities put in place: Visitor facilities, trails and interpretation for the islands of Tortola, Anegada and Virgin Gorda, and displays on some other islands without them.
  2. Improved environmental awareness among citizens: Integrate research material on local biodiversity and history into school curricula, building on the interactive BVI Environmental CD Atlas, as well as enhancing community participation programmes.
  3. Improved conservation measures to provide increased protection for key vulnerable ecosystems: Implement management objectives within the System Plan of Protected Areas for the BVI (2007) which include tropical dry forests of conservation value.
  4. Development and implementation of documented Environmental Management Plans for key protected and vulnerable areas: Develop management plans (species recovery and habitat restoration) for areas that the Trust manages, either by extending existing plans where areas are adjacent or via separate plans for distinct areas. Contribute to further development of a heritage register of important natural and historic sites. Additionally, identify and protect historic sites through a collaborative management framework.
  5. Improved institutional capacity, sharing of expertise and training between the British Virgin Islands, Turks and Caicos Islands, and the Cayman Islands, to enable efficient and cost-effective implementation of desired outcomes in each territory.

 

The Financial and Economic Analysis Study objective is to determine the financial and economic viability and sustainability of the proposed project activities targeting the enhancement of the management of protected areas to support sustainable economies.  

 

Services Provided:

Financial and Economic Analysis of the Project, incl. the following:

  • Analysis of key stakeholders, incl. the United Kingdom Overseas Territories Conservation Forum (UKOTCF), the British Virgin Islands National Parks Trust (BVINPT), the Town and Country Planning Department (TCPD), the BVI Tourist Board (BVITB), Department of Environment and Fisheries (DEF), and the Development Planning Unit (DPU);
  • Quantification and valuation in monetary terms of the problems address by the project, the project purpose and the contribution of the project to achieving the overall objective;
  • Overview of the project, the applicable economic and institutional framework, description of the key financial and economic aspects and project-environment interactions;
  • Cost-Benefit Analysis (CBA), Financial Analysis, and Economic Analysis, based on cost/benefit and/or cost effectiveness considering separate and consolidated cash flow records, economic effects, and shadow pricing;
  • Identification and assessment of the potential financial and economic impacts of the project;
  • Sensitivity analysis (3 scenarios – pessimistic, average and optimistic) on major factors affecting costs and benefits, duration, discount rates and conversion factors;
  • Provision of recommendations for the implementation of proposed measures to mitigate negative impacts and optimise positive impacts;
  • Provision of recommendations for potential financing of the project, including economic and financial modifications with respect to effectiveness, efficiency, sustainability, impact, and relevance of the project.