The official launch of the “Biodiversity Finance Plan Armenia” (BIOFIN) project took place on 28 March in the UN House․ The 4-year project is funded by the Global Environment Fund (GEF) and is implemented by UNDP in Armenia.
The project aims to develop a comprehensive national biodiversity finance plan that will identify funding gaps and opportunities, enabling Armenia to mobilize additional resources, optimize existing financial flows, and introduce innovative financing solutions for biodiversity conservation.
The development of a National Biodiversity Financing Plan will not only contribute to the implementation of Armenia's commitments under the UN Convention on Biological Diversity, but will also provide an opportunity to showcase the country's role in the global context as a leader in developing and demonstrating effective biodiversity financing solutions, especially in anticipation of hosting the 17th Conference of the Parties to the Convention in 2026.
Hambardzum Matevosyan, Chief Advisor to the Prime Minister of Armenia and Chair of the Committee for the Organization and Implementation of COP-17 of the Convention on Biological Diversity, Natia Natsvlishvili, UNDP Resident Representative in Armenia, and Ainur Shalakhanova, Environmental Finance Analyst for the UNDP Asia and Pacific Region, welcomed the event participants, including representatives of state agencies, international and local organizations, private sector and other stakeholders.
During the Q&A session, the participants emphasized the importance of pastures as key biodiversity areas in Armenia and highlighted the need to improve legislation and institutions to attract private sector financing. 
Suggestions included developing innovative tools such as carbon credits. The Central Bank representative also proposed technical collaboration to integrate biodiversity finance solutions into its upcoming Green product framework. Additionally, the participants highlighted agrobiodiversity as vital for both conservation and supporting rural livelihoods.