$24 million debt-for-nature swap in Guatemala
October 5, 2006
Tropical forest conservation efforts in Guatemala will receive $24 million under a debt-for-nature swap arranged by Conservation International (CI), The Nature Conservancy, and the governments of the United States and Guatemala.
"Under debt-for-nature swaps, a country's foreign debt is forgiven in exchange for its government's commitment to directly support conservation work," explained CI. "According to the agreement signed Sept. 8, Guatemala will invest approximately $24.4 million in local currency over the next 15 years for conservation work in four designated areas."
The U.S. will provided $15 million under the Forest Conservation Act (TFCA), toward the cancellation of some of Guatemala's debt, while CI and The Nature Conservancy each contributed an additional $1 million, according to CI. The agreement marks the debt-for-nature swap ever under the TFCA.
Central American rainforest.
"The areas protected in this agreement lie in the heart of Mayan civilization, and they are home to jaguars, scarlet macaws, harpy eagles, and countless other species," said Steve McCormick, president and CEO of The Nature Conservancy. "Working collaboratively with public, private, and nonprofit partners, we have been able to protect some of the most threatened natural areas on earth, to the enormous benefit of communities that depend on them for survival."
According to CI, funds from the deal will focus on four areas:
- The Cuchumatanes Region — habitats located in Todos Santos Cuchumatan, Cruz Martin, Pepajau Madgalena and other areas that are home to five priority species of amphibians determined by the Alliance for Zero Extinction (AZE).
- The Maya Biosphere Reserve — home to the Maya Forest, a critical habitat that is integral to cultural heritage, countless species, and the well-being of communities that rely on the forest.
- The Motagua/Polochic System — one of the most biologically important regions in Guatemala with many species found nowhere else in the world.
- The Western Highlands Volcanic Chain — a critical migratory bird route and home to many plant and animal species unique to Guatemala.
This article used information from a Conservation International press release. .
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