The Environment Protection Fund (EPF) has supported almost 200 conservation projects around the country since 2005.

This week the EPF held its annual stakeholder meeting in Vientiane , attended by Minister of Finance and Vice President of the EPF Board, Mr Somdy Duangdy.

Mr Somdy said 29 projects have received assistance from the fund in the last year.

EPF provides support to projects in Laos that strengthen environmental protection, sustainable natural resource management, biodiversity conservation and community development.

Earlier this month, the Lao government signed a memorandum of understanding with the World Bank for a grant of US$3 million for environmental and social development initiatives.

The agreement ensures EPF has adequate funds to support 16 ongoing projects organised by various state and private organisations until at least 2012.

Mr Somdy told the meeting that Laos is working hard to balance economic development with protection of its natural resources, but faces many challenges in managing rapid development with environmental conservation.

The stakeholder meeting was essential for discussing the best ways to mobilise funds across all levels to continue effective short and long-term conservation activities, he said.

Mr Somdy said environmental protection is a top priority for the government and conservation is always considered when granting approval for major projects such as the Nam Theun 2 hydropower plant which is a major income earner while still protecting environmental and social considerations.