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U.S., Colombia Reach Debt-for-Nature Agreement
Bogota, Colombia - Colombia unveiled today a debt-for-nature swap with the United States that will allow it to invest at least $10 million over the next 12 years to protect nearly 11 million acres of its tropical forests. Under the agreement, the U.S. Department of the Treasury will contribute $7 million to the deal, while Conservation International's (CI) Global Conservation Fund, The Nature Conservancy and World Wildlife Fund (WWF) will contribute an additional $1.4 million.
The funds will go toward canceling part of Colombia's debt to the United States. In exchange, Colombia will invest at least $10 million to protect tropical forests in key areas of the Andes, the Caribbean coast and the Llanos, or plains, along the Orinoco River -- the world's third-largest river in terms of volume. Colombia is one of the five most biologically diverse countries on the planet, harboring one of every 10 species of plants and animals in the world.
Debt-for-nature swaps were established under the Tropical Forest Conservation Act (TFCA) of 1998 to allow nations to reduce their foreign debt burden in exchange for making local-currency investments in conservation work. In the past, Bangladesh, Belize, El Salvador, Panama, Peru and Thailand have benefited from the TFCA, which is up for reauthorization in this session of Congress.
"This is a great opportunity for Colombia's short, medium and long-term conservation goals," said Mary Louise Higgins, World Wildlife Fund's representative in Colombia. "Thanks to this agreement, the country will have the resources it needs to support local conservation initiatives and guarantee the sustainability of its protected areas."