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JAKARTA: The International Finance Corporation (IFC) has pledged to provide US$5 million in grants aimed at ensuring effective long-term management and sustainable financing of the Komodo National Park, home to some of the world’s richest diversity at sea and on land.

"IFC is pleased to be participating in this innovative and exciting business venture that will identify and apply ways of increasing sustainable revenues for the local communities and improving the unique local ecology," IFC environmental and social department director Rachel Kyte said on Monday.

Kyte said the grant from the IFC, the private sector arm of the World Bank Group, to PT Putri Naga Komodo (PNK), a company jointly owned by the Nature Conservancy and tourist firm PT Jaytasha Putrindo Utama.

In a public-private partnership with the government and the local communities, PNK will promote the park on Flores Island as a tourist destination and increase the net benefits to conservation and local development, the statement said.