The Madagascar Foundation for Protected Areas and Biodiversity is an institution in its early stage. Created in 2005 at the initiative of the Malagasy Government, Conservation International (CI) and WWF, its mission is to provide sustainable financing for the management of existing protected areas as well as new protected areas. Since its creation, other donors have made contributions: IDA (World Bank), the French Government (AFD, FFEM). At the end of 2008, total capital endowments raised by the Foundation amounted to 35 million USD. Other contributions from GEF and KfW are expected. In order to accomplish that mission successfully, the Foundation invests its endowment fund on international financial markets and uses the interest to finance protected areas and biodiversity conservation. The objective is to achieve a capital of 50 million USD in 2012. The Foundation manages a "sinking fund" for a total of EUR 8.5 million that is to be disbursed over a 20-year period. These funds come from a debt conversion agreement between the Malagasy Government and the German Government in April 2003.