MOP19 – CBFP- Architecture, Coordinating Funding for the protection of Central Africa’s tropical forests– Preliminary report

On 5 and 6 July 2022, Libreville, Gabon hosted a high-level meeting on the global finance framework for biodiversity. The panel was initially comprised on July 5 of CAFI, the ADB, AFD, and the EU, and completed on July 6 by KFW and Winrock. It has been observed that the donors’ activities in the Congo Basin forests are mired in chaos. There are 35 funding efforts overall in the Congo Basin, with coordination being a challenge. In order to reassure the private sector, there is a need to reflect on developing an optimal coordination system as well as review the PES and their indicators. Please download the preliminary report



High Level Round Table on financing: Development Banks, Climate/Biodiversity Funds and carbon market mechanism gather to discuss the “Fair Deal” for the protection of Central African forests


Welcome remarks and opening statement: the Honourable Dr Christian Ruck, Goodwill Ambassador and CBFP Facilitator of the Federal Republic of Germany.

Panel members : Development Banks, Climate, Biodiversity and Forest Protection Funds: CAFI, ADB, AFD, Winrock International, KFW

Moderator : Mr Maxime Nzita Nganga Di Mavambu, ECOFAC VI's Head of Mission for Regional Technical Assistance and former CBFP Co-Facilitator (Resource Person)

Rapporteur : Jean Bakouma, Director of Conservation, WWF Congo Basin

Preliminary report.

The high-level meeting on the international financial architecture for biodiversity was held on 5 and 6 July 2022 in Libreville, Gabon. The session focused on four issues:

  • Discussing instruments for improving financial coordination and terms of access.
  • “Fair deal” mechanisms, arrangements and terms to guarantee ongoing, adequate climate and biodiversity finance and political commitments for Central African ecosystems.
  • Discuss frameworks, conditions and incentives needed to attract private investment in sustainable development and forest protection.
  • Consider the possibilities of merging the carbon market with public funding methods on the one hand and development aid on the other.


The panel was composed of CAFI, ADB, AFD and the EU on 5 July and completed by KFW and Winrock on 6 July.

It has been observed that donor efforts promoting the Congo Basin forests are conducted in a disorganized fashion. There are 35 funding initiatives underway, but coordination is lacking. This calls for reflection on developing the best possible coordinating mechanism, the PES and their indicators; as well as the best strategies for reassuring the private sector.


All the panellists agreed with this observation, and went on to propose possible solutions.


There is a need for an integrated coordination mechanism. We require a pilot for fundraising. There is also the issue of the credit market. The credit process needs to be streamlined. For the EU’s Philippe Mayeux, this issue is not new, which is why OFAC was established, and following its launch, there was an influx of large investors.

For the AFD, the answer lies in a two-part solution at the programming level: There is an investor database, although it is not widely known. Donors should take initiative before committing themselves. They need to access the database.

For CAFI, this coordination needs to happen within the donor college. It goes beyond having a database. Coordination is a time-consuming process. Resources must be made available and coordination committees must be established in the capitals if the CBFP is to coordinate donors. The coordination team needs a mandate before anyone can assume leadership of coordination.

For the ADB, it is important to understand what responsibilities fall to each country and those that behove to the partners, as well as strike a balance. The Bank needs to recognize that coordination requires money, time and patience. Therefore, the donors must accept this cost.

Because implementation takes place on the ground in the countries, coordination must take place at two levels: regionally and then nationally. The ADB believes the countries should coordinate, but we must acknowledge that some countries lack the capacity to do so, requiring regional level coordination to assist those nations. If there is to be coordination, it must be done by the regional organization most suited to cross-country coordination.


Coordination must take place throughout the project cycle. How do we make a coordinated approach work at the operational level?

The first step is to agree on what exists. Analyse and map out existing resources. How do we incorporate thematic coordination? The ADB could take the lead on certain themes.

The issue of the coordinator's mandate needs to be considered: complementarity, division, subsidiarity, and comparative advantage.

For the AFD, it is important to distinguish between political and operational coordination. The Glasgow "Pledge" lays out principles for political coordination. Given the significance of the CBFP, the donors college should allow for such coordination since CAFI and COMIFAC are coordinating structures. This will ensure coherence and guarantee that the Congo Basin is represented. The CAFI coordination model should also be considered.

There are two options. For instance, the CIGAR, a hybrid coordination structure that prioritizes thematic and financial coordination, was established at ICRAF.

A first option: the coordinating body could be transformed into a secretariat to which the nations would assign a mandate, much like ECCAS assigned COMIFAC a mandate.

Coordination should also be a topic of high-level political dialogue.

There are also other issues to be considered, such as the fact that REDD+ targets do not include intact forests and yet we can’t protect ecosystems (or their services) if they are not compensated.

If we want to protect ecosystems, there needs to be political dialogue on payment for conservation efforts.

Regarding the second issue, it is important to note that some nations, including Gabon, desire extra rewards in addition to those provided by the REDD+ process. So, the issue is how to set up "Fair Deal" financing arrangements.

CAFI complements bilateral flows and has worked on investment plans. Donors want to improve efficiency and boost verification capability. Positive indicators suggest that deforestation is stabilizing. Despite all  the progress made, monitoring and assessment still need to be improved. We want to alter CAFI's course such that it places more emphasis on output and performance.

We have a first agreement with Gabon, but the funding provided is insufficient. It is easier to measure carbon than biodiversity. We need more capacity and more results.

How do we link this to our intervention, CAFI’s intervention?

First lesson: Data is crucial. The only nation with accurate data is Gabon. Only one or two nations have provided reference levels, and many more are still lacking. Therefore, the region needs to be developed/strengthened in order  to gain access to climate funding.


Central Africa may need a slightly different type of funding. Donors must consider every aspect of IFLs (Intact Forest Landscapes), which enables nations to retain high forest cover.

Deforestation increases with even the smallest concession in nations where little is done to curb it. Countries need to develop, but they need to demonstrate  political commitment.

Absorption capacity is an additional issue. We have numerous partners, want to raise funds, and require strong coordination and capacity across the nations.

Finally, there are requirements: reliable data, verification, and political commitment.

In China, contextualized standards have been developed.

Carbon financing is the foundation of the "Fair Deal."

At the ADB, 40% of the bank's commitments are directed towards climate financing, however the bank has some reservations about the sustainability of some of the “pledges”. Governance and market openness are crucial when discussing PES (payment for ecosystem services) or carbon. How do we establish it? Is it a niche market or a standard supply-demand market?

How do we ensure that the States have the minimum capacity needed to intervene in these carbon markets, when that ability is in doubt? How can development aid help?

Why not ease the rules in order to facilitate access to climate finance?

Putting rules before capacities to allow for negotiation with other actors.

This can help if official development assistance is used to strengthen the States.

In the AFD’s view, 3 points must be considered:

The first is the link between climate and biodiversity, for example, LFIs are not taken into account in climate models, mistakes can be made when biodiversity is not taken into account.


The second point: what climate-related actions is Gabon taking? Can we find a deviant model given the CB's unique characteristics? Develop specific models for the Congo Basin and consider the prevailing model.

The third point is whether we can envision this carbon financing as a more tightly integrated component of macroeconomic development models. Better integration of carbon financing would incorporate national debt. This would help to broaden the spectrum of carbon finance and increase its significance for development.


Establishing linkages between political and economic interests, development and debt.

However, the biodiversity issue is difficult to track in terms of metrics.

For WCS, there is no incentive to protect LFIs. No one is paying for LFIs. WCS is developing an initiative. The idea is to build a small portfolio of projects to demonstrate the existence of initiatives for LFI conservation. We need pilot sites, what metric will we measure?

Second point

We must revisit our coordination with private investors like Bezos.

Enhance the role that forests play in financing for both biodiversity and climate change.

At the national level, we must review intervention frameworks, starting with already existing frameworks in the countries. We must investigate the possibilities for active management outside of protected zones.

Finance for sustainability is a possible solution, but there are conditions that must be met before we start working with Gabon.


We have 8 to 10 years to change the trajectory and the LFIs, ad that would be at least 30% of the solution. Under the GEF, more than USD 300 million have been earmarked for LFIs. In countries with high forest cover and low deforestation, LFIs are gaining popularity. A workshop can be envisaged within the framework of the GEF.

The deviant model: why do we disregard climate microfinance? Microfinance, which must reach the communities, serves as an inspiration for the funding strategy that will reach those communities.

According the CBFP, the COMIFAC countries struggle to access financing because all the measurement criteria are beyond their reach, so the countries get frustrated and ready to give up. Why not consider how to support the countries knowing that they have limited resources?

Third question: What organizations can help the subregion? What potential scenario could the subregion have to help the private sector reduce risks? How can public and private funds be combined?


CAFI. We need to distinguish between the private sector’s role in the carbon market and its function as an economic player. No one will pay for carbon if we are unable to verify it, hence a system for carbon accounting must be established.


Project financing must take into account the real economy.

There are existing large-scale economic operations or the agro-industry sector to be considered. The most straightforward approach is to have a project that can show a return on investment; we need a zero-deforestation project that generates a return on investment.

According to the ADB, the forestry industry is a niche sector within a global economy. How do you manage risks? The ADB has resources available to manage risks. if we are successful in providing the private sector with genuine, clever incentives. However, some questions remain:


How are private sector tax regimes defined in public policies? Public policy for regulating the private sector has two facets; concerning the private sector, how do you get finances? The ADB is working to industrialize Gabon's timber industry in order to foster secondary and tertiary processing.

For the AFD: 2 points to be considered: First, the AFD is fortunate to have access to a range of private sector financing options. However, it should be noted that the Congo Basin as a whole is in a challenging institutional situation, has poor capacity for absorption, and few economic actors who accept financing from AFD, notably in the banking sector. There is a need to enhance the business climate and procedures.


Secondly, the private sector has tremendous potential to invest in conservation. Example 1: The AFD established the management plans for the Congo Basin forestry sector 30 years ago. Today, they need to be updated, so the States are renewing their commitment for another 30 years. The Congo Basin's management strategies need to be improved.

The wood industry; yes indeed. The question is how to respond to the States in the area of agricultural demands? How to help companies transition towards "deforestation-free" production, but there is also a concern about small scale farmers. We need to offer them "deforestation-free" technical itineraries.


For more information, please download the documents below:

Go back

Partners News

20th Meeting of Parties (MoP20) of the CBFP from 3 to 6 June 2024 in Kinshasa, DRC: registration now open!

The French-Gabonese Co-Facilitation of the Congo Basin Forest Partnership (CBFP) is pleased to inform you that the 20th Meeting of Parties (MoP20) of the Congo Basin Forest Partnership will be held in Kinshasa, Democratic Republic of the Congo, from 3-6 June 2024. If you wish to attend the 20th Meeting of Parties (MoP) of the CBFP and related events, please register before 05 May, 23:59, 2024 by completing the form below and clicking on the button “register”. It will not be possible to attend the meeting without a properly completed registration procedure.

Read more …

Call for Proposals of Side Events at CBFP MOP 20

The Facilitation of the French and Gabonese Republics is pleased to launch a call for proposals to host side events during the 20th Meeting of the Parties (MOP20) in Kinshasa, Democratic Republic of Congo, from 3-6 June 2024. In line with the themes of MOP20 of the CBFP, side events provide opportunities for information exchange, dialogue, cooperation and the creation of synergies between CBFP partners. Deadline for submissions: 19 April 2024. Applicants for selected proposals will be contacted on 30 April 2024.

Read more …

CIDT: We’re recruiting for a Senior Consultant in Global Sustainable Development

CIDT wishes to recruit an enthusiastic, people-centred international development professional to join our dynamic, multidisciplinary team. To be considered for this post you will have an understanding and experience of global sustainable development work and be prepared to work both in UK and overseas. You will be qualified to master’s level in one or more of the following core areas of our work: Global Sustainable /International development/ Development Studies, Development Effectiveness, Gender and Social Inclusion, Sustainable Livelihoods, Natural Resource Management, Forest Governance or Education and Development and have expertise in the related fields.

Read more …

Ecological taxation How can a fiscal bonus-malus (feebates) mechanism be implemented?

This brief note sets out the principle of an ecological bonus-malus mechanism, designed to change behaviour by modifying the relative prices of products, while aiming for budget neutrality (no tax losses for the State). It applies in particular to the agricultural and forestry sectors, but can also be applied to other areas. We are currently working with various colleagues on the timber and cocoa sectors, and on an automated simulator with a user-friendly interface that can be easily used by government departments and their partners who would like to test the tool and, if necessary, implement it.


Read more …

COMIFAC is the new CBD centre for technical and scientific cooperation in Africa and ranks 4th worldwide

The Co-Facilitation of France and Gabon of the Congo Basin Forest Partnership (CBFP) is pleased to announce the selection of COMIFAC by the CBD Secretariat as a centre for technical and scientific cooperation for the implementation of the Convention on Biological Diversity and the Global Framework for Biodiversity in Central Africa. With the highest score in Africa, COMIFAC ranks 4th in the world. The co-facilitation congratulates COMIFAC on this major distinction.

Read more …

First Dialogue between the College of Donors and the Scientific and Academic College (SAC) of the CBFP: strong mobilisation and strengthening of cooperation between the two colleges

On Tuesday 12 March 2024, from 16:30-18:00 CET, the first dialogue between the College of Donors and the Scientific and Academic College (SAC) of the CBFP was held in virtual form. Over 70 people participated actively in the dialogue. The aim of the meeting was to promote cooperation as well as scientific and academic dialogue on the forests of the Congo Basin as part of the implementation of strategic priority 1 of the 2023-2025 roadmap of the CBFP.

Read more …

CIFOR - Bioenergy sustainability in the global South: Constraints and opportunities

Many countries have recently adopted bioenergy as part of a critical strategy to reduce greenhouse gas (GHG) emissions to meet targets under the Paris Climate Agreement. Because of increased efficiency and lower production costs, along with legislative support and investment incentives, bioenergy use is swiftly becoming a renewable energy substitute for fossil fuels. The study provides a better understanding of bioenergy issues, potential and sustainability to inform countries in the global South and provide guidance on integrating bioenergy into their national energy plans by proposing a simplified sustainability framework for wood-based bioenergy.


Read more …

ASP Congo: a workshop to rethink communication in the forest-wood sector and equip companies with tools - ATIBT

A workshop was held in Brazzaville on Thursday 7 March to review the work carried out by the communications agency Afrique Environnement Plus, attended by a dozen participants, including companies from the sector. The new website for the Congolese forest-wood industry (which will shortly be the subject of a dedicated article) and a communication checklist developed as part of the ASP Congo project were presented.

Read more …

Support for the private sector in Republic of Congo: a new video presenting the HSE policy and waste management of SFM and legality certified companies

As part of the ASP Congo project, a series of videos gives a voice to companies committed to responsible forestry practices.This video, produced with the financial support of the European Union, shows what forestry companies are doing to ensure the safety of their employees and to manage their waste properly through their HSE (Health, Safety and Environment) policy. In this way, they are driving forward an economy that respects people and ecosystems.

Read more …

Participate in the survey to strengthen sustainable trade with Cameroon and prepare for the meetings at CIB

As part of the ASP-Green Pact project, supported by the European Union and led by ATIBT, we are pleased to invite you to participate in a survey on trade relations with Cameroon, with a response deadline set for April 4th. This initiative aims to refine our understanding of current trade relations between European importers and Cameroonian producers, with a particular focus on lesser-known timber species (LKTS) from Cameroon. Furthermore, this approach is part of the preparations for the International Wood Fair (CIB) to be held in Nantes, offering an exceptional platform for enriching exchanges and partnership opportunities.

Read more …

CBFP partners celebrate the International Day of Forests 2024

The International Day of Forests was established on the 21st day of March, by resolution of the United Nations General Assembly on November 28, 2013. Each year, various events celebrate and raise awareness of the importance of all types of forests, and trees outside forests, for the benefit of current and future generations. The theme for International Day of Forests 2024 is Forests and Innovation: New Solutions for a Better World. To mark International Forest Day 2024, several CBFP partners have organised special activities.

Read more …

Exclusive Interview with Rwanda’s Minister of Environment on International Women’s Day

In honor of International Women’s Day, TOP AFRICA NEWS had the privilege of Interviewing Rwanda’s Minister of Environment on the important role of women in environmental conservation and sustainable development. Join us as we delve into the Minister’s insights and initiatives in empowering women to be leaders in protecting our planet for future generations.

Read more …

Complex Supply Chains Are Still a Major Barrier to Ending Deforestation -WRI

Almost 90% of the world’s forest loss is driven by the expansion of agriculture, thanks to growing consumer demand for commodities like coffee, cocoa, beef, soy, palm oil and timber. Because of this, governments, businesses and NGOs are increasingly targeting action to reduce deforestation in this sector. Several markets are developing policies that prohibit the sale or importation of products grown on deforested land, while hundreds of consumer goods companies have made zero-deforestation pledges.

Read more …

ADEFAC Project: Organisational diagnostics for training institutions

The institutions and training centres that are partners in the ADEFAC project are receiving support to better integrate continuing vocational training into their training routines.Following the initial organisational assessments carried out by andragogues consultants, the ADEFAC project's technical team took it upon itself to carry out organisational assessments of the vocational training institutions and/or technical teaching establishments that are partners in the project.

Read more …

RELEASE: World Resources Institute Welcomes Sharan Burrow, Johannes van de Ven and Cecilia Martínez to Global Board

WASHINGTON (March 18, 2024)—World Resources Institute is pleased to announce that Sharan Burrow, Visiting Professor, Grantham Institute on Climate Change and the Environment, London School of Economics; Johannes van de Ven, Managing Director, Good Energies and Board Chair, WRI Brasil; and Cecilia Martínez, Former Director, UN-Habitat and Board Chair WRI Mexico have joined its Global Board of Directors.  

Read more …

Training seminar for trainers in the wood trades: the ATIBT trains trainers in the development of wood finish modules

From 19 to 24 February 2024, the ATIBT organised a seminar in Brazzaville to support carpenter and cabinetmaker trainers in the production of wood finish modules. Twelve professionals from several towns in the Republic took part in this intensive, hands-on training course.

Read more …

STATEMENT: U.S. Securities and Exchange Commission Finalizes Climate Disclosure Rule -WRI

WASHINGTON (March 6, 2024) — Today the U.S. Securities and Exchange Commission (SEC) finalized a rule that requires larger public U.S. companies to disclose risks that climate disasters pose to their businesses, as well as greenhouse gas emissions from their own operations or energy use if this information is financially material to investors. The draft rule released in 2022 had required some companies to also disclose emissions across their entire value chain, referred to as Scope 3 emissions, but that was not required in the final version.

Read more …

CBFP’s side event on cross-border transhumance mobilises and makes waves at the 14th Global Forum on Migration and Development (GFMD) in Geneva

Wednesday, January 24, 2024. Geneva. The Franco-Gabonese Facilitation of the Congo Basin Forest Partnership (CBFP) organised a side event on cross-border transhumance at the14th Global Forum on Migration and Development (GFMD).   At the era of climate change, access to water, agriculture, the fight against desertification, biodiversity, forest preservation and cross-border migration, transhumance is the cross-sectoral prime theme.  This explains the central theme of the event:  “Meeting Between the Sahel and northern equatorial Africa - The challenges of the nexus: cross-border transhumance, survival of protected areas, natural resources, and human lives, development, security and peace.”

Read more …

Congo Basin Science Initiative the 127 members of CBFP: Welcome to our New Partner!

Kinshasa, DRC, 13 February 2024: The Congo Basin Science Initiative has officially joined the Congo Basin Forest Partnership (CBFP). The Basin Science Initiative is now one of 127 member countries and organizations working together in the Congo Basin Forest Partnership to promote sustainable resource management, combat climate change and its impacts, improve living conditions and protect the unique biodiversity of Central Africa’s tropical forest.

Read more …

Discussions on the stimulation of the forest sector between the Minister of Forestry Economy and the Associate Manager of the Deliotte Cabinet

The strategic meeting between the Minister of Forest Economy, Rosalie MATONDO and Deliotte consultancy cabinet made way to research collaboration possibilities and share prospects on reforms needed to make forestry attractive.


Read more …

CBFP and COMIFAC discuss the results of the 28th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC)

From 22 to 24 January 2024, a sub-regional workshop was held in Douala, Republic of Cameroon, to analyse the results of the 28th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). Her Excellency Dr Aurelie Flore Koumba Pambo, the Gabonese Co-Facilitator of the CBFP, participated in the workshop. Download the  final communiqué of the meeting..

Read more …

UNEA6 side event – Joint Action Against Nature Crime: A Pathway to Achieving Biodiversity, Climate and Sustainable Development Goals

Ministers and representatives from governments, international organisations, and civil society will explore how multi-sector collaboration in the fight against nature crime can inform wider efforts to tackle the triple planetary crisis during an official side event at the upcoming UN Environment Assembly (UNEA-6) in Nairobi.

Read more …

Southern Africa Dialogue aims to improve detection and disruption of financial flows linked to nature crime – Nature Crime Alliance

Financial crime analysts, industry experts and law enforcement officers from across Southern Africa assembled in Cape Town last week for the first in a new series of regional meetings aimed at tackling illicit financial flows associated with nature crime.

Read more …

Second ministerial conference on ‘Transhumance-Protected Areas-Security’ in Central Africa: progress and perspectives

This article by Paul Scholte and Matthew Luizza in Conservation News looks at the progress and prospects for work on transhumance in Central Africa since the second international conference of ministers on transboundary transhumance of July 2023 in Yaoundé.

Read more …

CAR: The United States reassert their support in forest and fauna protection

Gervais MBATA, the new Minister of Water, Forests, Hunting and Fishing hosted at his Cabinet this February 7, the United States’ ambassador to Central Africa, Mrs Patricia MAHONEY. During this fruitful meeting between government members and American diplomats, several topics were discussed about cooperation reinforcement, the USA’s multiform support and especially the implementation of projects on the protection of CAR wildlife areas.

Read more …

Sustainable management of protected areas: A key meeting between Rosalie MATONDO and Peter FEARNHEAD

On 7 February 2024, Rosalie MATONDO, Minister for Forest Economy, welcomed Peter FEARNHEAD, Chief Executive Officer of the South African NGO African Parks Network (APN). The meeting provided an opportunity to discuss the management and development of the Odzala-KMassif okoua Forest (MFOK), a UNESCO World Heritage Site. The two parties also discussed the challenges of conserving protected areas.

Read more …

Cocoa without deforestation: is it possible in Cameroon?

This is the question posed by Development Advocates (GDA) in its new publication: Deforestation-free cocoa in Cameroon: questions, concerns and priorities from smallholder farmers. The document sets out the challenges Cameroon faces in doubling its domestic cocoa production, retaining access to its biggest market (the EU) and reducing the pressure on its forests. Please download the GDA publication...

Read more …

New body aims to limit pollution’s deadly toll - unep

Pollution is widespread – and often fatal.Dirty air alone is responsible for 6.7 million deaths globally every year, while conservative estimates suggest that in 2019, 5.5 million people died from heart disease linked to lead exposure. To stem the pollution crisis, countries agreed in 2022 to establish a new body that would provide policymakers with robust, independent information on chemicals, waste and pollution.

Read more …

Press release - Climate Chance Europe 2024 Wallonia summit adaptation to climate change, nature-based solutions and resilience

The Climate Chance Europe 2024 Wallonia Summit "Adaption to climate change, Nature-based Solutions and Resilience" was held at the Palais des Congrès in Liège on 8 and 9 February 2024. Over two days, the Summit brought together nearly 1,000 participants of more than 20 nationalities, from numerous European networks and organisations of non-state actors such as businesses, researchers, civil society and local governments.

Read more …

Towards UNEA-6: Multilateral solutions to triple planetary crisis - UNEP Speech delivered by Inger Andersen

As the world’s top decision-making body on the environment, UNEA-6 will bring together ministers, intergovernmental organizations, the broader UN system, civil society groups, the scientific community and private sector to shape global environmental policy. This year, we’re expecting more than 70 Ministers and 3,000 delegates to join us in Nairobi. We currently have 20 draft resolutions and two draft decisions submitted for countries to discuss. Ms. Ochalik will share more on this. I will talk about the wider context of UNEA-6, and what it means.

Read more …

GABON: Mrs Nzoma née Arcadie Svetlana Minguengui Ndomba, new Minister for the Environment, Climate and Human-Wildlife Conflict

Following a ministerial reshuffle yesterday, Wednesday 17 January 2024, the Ministry of Water and Forests, formerly responsible for the Environment, Climate and Human-Wildlife Conflict (CHF), has been split into two separate ministries: one responsible for the Environment, Climate and Human-Wildlife Conflict (CHF), managed by Arcadie Svetlana Minguengui Ndomba épse. Nzoma, and the other in charge of Water and Forests, which remains under its full management.

Read more …