The GEF also announced it has accumulated nearly three billion US dollars in new funds from 32 donor countries during its second assembly, which concluded here Friday.

The replenishment, the largest ever, would give additional impetus to the two portfolios while funding the work for the GEF for the next four years. It demonstrated that countries were serious about committing resources to protect the global environment, officials said.

The GEF has already assisted developing countries in implementing projects that benefit the global environment in the area of biological diversity, climate change, international waters and ozone depletion.

The GEF Assembly meets every four years to determine its strategic direction and how its funds should be used. More than 1,200 participants took part in this year's meeting, including delegates representing 125 member countries, observers, and non-governmental organizations.

The assembly was convened following the World Summit on Sustainable Development (WSSD) six weeks ago in Johannesburg, South Africa, at a time when the international community was devoting unprecedented attention to the environment and sustainable development.

The assembly expressed its commitment to serving as a financial mechanism of the United Nations Convention to Combat Desertification, assisting in the implementation of WSSD measures, integrating the GEF's activities into national strategies and programs for sustainable development, and helping to strengthen the capacity of developing countries, said Xiang Huaicheng, chairman of the assembly and Chinese Finance Minister.

It also identified measures to improve the GEF's effectiveness as a cutting-edge global organization.

"The assembly ended with major decisions concerning the future of the GEF," said Xiang, adding that the participants had carried out intensive discussions about environment and sustainable development issues and the future development of the GEF, with the consensus written in the Beijing Declaration.

The delegates agreed that both developed and developing countries shared responsibilities for environmental protection, and the strategy of sustainable development must be the independent choice of each nation. Those from developing countries also stressed the importance of balance between economic growth and environmental protection.

"It is only through sustainable development that harmonizes economic growth and environmental protection that poverty eradication and greater welfare for all people can be attained," said Mohamed T. El-Ashry, chairman and CEO of the GEF.

He said his agency would continue fund-raising efforts to help developing countries to implement international environment conventions because even the new fund replenishment was far from enough to address tremendous environmental problems in those countries.

(Xinhua News Agency October 19, 2002)