FROM THE OFFICE OF PUBLIC AFFAIRS

As part of this Administration's commitment to protect biodiversity and tropical forests around the world, I welcome today's completion of a debt reduction agreement and a tropical forest conservation agreement with the Government of Bangladesh. Bangladesh is the first country to receive debt relief under the Tropical Forest Conservation Act (TFCA).

The TFCA, which enjoys strong bipartisan support -- particularly through the leadership efforts of Representative Portman, former Representative Hamilton, and Senators Biden and Lugar -- provides eligible countries the opportunity to reduce their concessional debts owed to the United States government, and at the same time generate funds for activities to conserve tropical forests.

The debt agreement I signed with Bangladesh State Minister of Foreign Affairs Chowdhury, and the Tropical Forest Agreement that Under Secretary of State Loy signed will allow Bangladesh to save over 10 million in U.S. dollar payments over the next 18 years. In return for the cancellation of this debt, Bangladesh will set aside over 8.5 million (dollar equivalent) in local currency to endow a tropical forest conservation fund.

This fund will have a Board consisting of a U.S. government official, a Bangladeshi government official, and three representatives from Bangladesh's civil society, including environmental NGOs. It will use its resources to provide grants to groups with the goal of conserving Bangladesh's tropical forests. One area that should benefit from this program is known as the Sunderbans. It is recognized as a wetland of international importance, which contains one of the largest mangrove forests in the world, and is the home to the world's sole genetically viable population of about 400 Bengal tigers.

The Administration is working to extend the benefits of this environmental program to other countries, and the President has requested $37 million in FY2001 to help accomplish this goal.