From the Fund Manager - continued...

During the past century, the world population has tripled, and water use has increased six-fold.  These trends have had serious environmental consequences – half the wetlands disappeared during the 20th century; some rivers no longer reach the sea; and 20% of freshwater fish are endangered.  Water is essential to all life on Earth.   We are proud to support projects that protect this resource. 

In this issue’s “Closer Look” segment, we focus on several of these projects and their unique connection to the water.  For visitors to Belize Lodge & Excursions’ new Moho Cay Lodge in the Port Honduras Marine Reserve, the beautiful aquamarine waters – and the fascinating world within them – are certainly part of the destination’s magic and allure.  BLE contributes to the protection of the reserve through a visitor fee and works with local NGOs on conservation.  The three aquaculture projects we highlight depend on a viable, healthy water source for their success.  Aqua Consult International, Marimex, and Biocentinela are all leaders in the industry, employing cutting-edge practices that improve water quality.  In addition, several of our projects have led efforts to increase local community access to and protection of water resources.

We thank you all for your continued and unwavering support that makes our work with these progressive companies possible.  May the second half of 2006 bring you much happiness and joy … and some good times in, on, or around the water! 

All my best,

Tammy E. Newmark

Fund Manager, EcoEnterprises Fund

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A Closer Look - continued...

Marimex – Community Cooperation & Clean-up (continued from above)

Marimex, the Fund’s first aquaculture investment, is working to repopulate the native ‘Mano de León’ scallop (Lyropecten subnodosus) and commercialize it for export.  Guided by strong environmental principles, Marimex provides an important model for local communities within the Reserve, and the Reserve’s management supports the company’s cultivation activities as part of its fisheries program.  

In addition, the company supports a community awareness campaign spearheaded by local environmental NGO Observadores de las Americas targeting waste and sanitation issues to preserve the health of the lagoons.  Community members came together during several workshops to outline a waste management plan and discuss environmental protection measures.  With the purchase of a truck, the community is now able to carry trash to a designated site inland, helping to keep the waters of the bay pristine.  The Fund was able to provide technical assistance for these efforts through a grant from the Global Environment Facility.

Belize Lodge & Excursions – Specializing in Paradise

Belize Lodge & Excursions (BLE) now has four lodges open to visitors, offering a range of experiences and opportunities for adventure or relaxation on the water.  Whether it’s canoeing down the Golden Stream in search of birds, monkeys, or tapir, or snorkeling, swimming, and sea kayaking in the Port Honduras Marine Reserve, you can find it at BLE.  www.belizelodge.com  In addition to having set aside its property as an ecological reserve, the company works with local NGOs and contributes to the protection of the Marine Reserve through a visitor-fee program.  The company has garnered some much-deserved press recently from four sources:

- National Geographics Expeditions features a trip to Belize under its North American expeditions.  

- The Premier Hotels & Resorts guide (Winter/Spring 2006) features a two-page write-up on BLE and includes it in its online directory.

- Travel World News magazine (Feb 2006) highlights BLE's diverse habitat experience.

- The Winnipeg Sun (Feb 19, 2006) included an article on BLE entitled "Welcome to the Jungle: Enjoying Eco-luxury in Central America".

BioCentinela – Celebrating Rio Hondo’s Patron Saint

On September 9, the Ecuadorian community of Rio Hondo commemorates its Patron Saint – and at this year’s festivities, community members will have an additional reason to celebrate: the unveiling of a new storage tank for the communal water well.  Lack of storage capacity has limited the community’s ability to use the water for various activities.  Our portfolio project BioCentinela, a visionary company that produces and exports organic saltwater shrimp, has contracted and underwritten the costs of the storage tank to help improve living conditions for the community.     

BioCentinela, which works with several local communities in the Isla Puna area in addition to Rio Hondo, is a model of environmental and social responsibility in an industry which has a history of negative impacts on communities and ecosystems.  Conventional shrimp farms have decimated Ecuador’s mangrove forests, but BioCentinela, whose operations are certified organic by three separate agencies, has reforested over 67 hectares of mangrove forests, which serve a critical function in maintaining water quality. www.biocentinela.com

Kudos to BioCentinela for its praise in the German magazine Warentest.  Warentest published a report which noted the high quality of BioCentinela’s organic shrimp products.  

ACI – A Creative Solution

Aqua Consult International S.A. (ACI), the Fund’s most recently approved investment, has a unique way of improving water quality.  Based in the Mexican state of Sinaloa on the Gulf of California, ACI made the pioneering move from shrimp farming to the cultivation and sale of algae (Enteromorpha sp), an endemic species that absorbs nitrogen and phosphorus from the water and converts it into biomass.  The algae can then be processed into flour and sold for animal or fish feed. 

Because of its spectacular biodiversity, the Gulf of California is a conservation priority for many environmental organizations.  Its marine life is threatened by an excess of nitrogen and phosphorus in the water, much of which is discharged by the neighboring shrimp farms and industrial activities.  ACI will help improve the water quality in the Gulf because the algae act as a natural water filter, turning this pollution into a profitable product.  The company will also collaborate with local NGO Ahome 2020 on fostering sustainable development and cleaning up the shorelines.  www.ahomevision2020.org.mx

Fund Highlights - continued...

Ø Ryan and Jeremy Black of Sambazon appeared on NBC’s “Today Show” recently to talk about the incredible benefits of Sambazon acai.  The Today Show has been the highest rated morning news show in the US for the last 10 years – just imagine how many new Sambazon fans were born!  (Check out Sambazon’s website for recent inductees to the “Purple Smile Club”!)

Ø       Congratulations to Rainforest Expeditions' Posada Amazonas lodge for being awarded one of the three 2005 “TO DO!” awards for socially responsible tourism from the Studienkreis für Tourismus und Entwicklung e.V. (Institute for Tourism and Development) in March 2006.  The TO DO! contest criteria for socially responsible tourism is based on the active participation of the local population in the planning and performance of tourism projects, the extent and outreach of the economic benefits, and the measures for preserving and strengthening the local culture. www.todo-contest.org/

Rainforest Expeditions’ Posada Amazonas was initiated as a joint venture, with the local community of Infierno participating in ownership and profit of the lodge.  Together, they work to develop a profitable ecotourism product that effectively sustains an ecologically, culturally and socially threatened habitat. www.perunature.com

Ø Meet the newest members of the EcoEnterprises Fund management team!  Veronica Medina Orellana, Investment Officer, joined the team in mid-April.  With a background in financial management and international economic policies, Medina brings tremendous experience to the Fund.  Nathalie Prado Vega, Administrative Assistant, joined in July 2006 bringing much-appreciated support to the investment team in Costa Rica.  Welcome, Veronica and Nathalie! 

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