ASHGABAT, Nov. 5 (Xinhua) -- The first meeting for a new project aimed at developing financial mechanisms for environmental conservation was held here on Wednesday.

The project is being implemented within the framework of the Biodiversity Finance Initiative (BIOFIN), a global initiative of the United Nations Development Programme (UNDP).

Rustem Nuryev, head of the Department of Flora and Fauna Protection at Turkmenistan's Ministry of Environmental Protection, said that sustainable biodiversity forms the foundation of the country's food and water security.

Representatives of UNDP, together with domestic and international experts, also spoke at the meeting. They agreed that the project's implementation will help strengthen the financial base for environmental protection, improve the efficiency of ecological investments, and attract additional resources for safeguarding Turkmenistan's flora and fauna.

In Turkmenistan, up to 90 percent of expenditures for environmental and conservation programs are covered by the state budget. ■