The Protected Areas Fund (FAP in Portuguese) is an endowment fund that does not access its capital, but rather spends only the earnings from investments. This fund channels donations through ARPA for the maintenance of supported protected areas.

Donations come from the public and private sectors both in Brazil and abroad. The Protected Areas Fund has received donations from the Global Environment Facility, the World Wildlife Fund, Natura and O Boticário.

Donations are invested in the stock market in accordance with the investment policy suggested by Funbio’s Asset Management Commission, and with the approval of the Advisory Board, which is headed by businessman Guilherme Leal.

Funbio invests FAP’s assets in long-term, low risk investments, both in Brazil and abroad. Despite the global financial crisis that began in the third quarter of 2008, FAP’s investments in foreign markets performed well due to the favorable exchange rate of the Brazilian currency against the U.S. dollar. With contributions of $4.3 million made in 2008, the Fund had approximately $25.5 million as of December 2008.

With the promised donation of 10 million Euros by the KfW German Development Bank, FAP’s holdings for 2009 should reach $40 million.