| Media Note Office of the Spokesman Washington, DC June 27, 2002 U.S. and Conservation Groups Sign Debt-for-Nature Agreements with PeruAs part of President Bush’s effort to conserve tropical forests around the world and fight illegal logging, the United States yesterday signed debt-for-nature swap agreements with Peru and three U.S.-based international conservation organizations that will generate $10.6 million for forest conservation activities in Peru over the next 12 years. The agreements were authorized under the Tropical Forest Conservation Act (TFCA). Under the agreements, the United States, through the Department of the Treasury, is providing $5.5 million to cancel a portion of Peru’s debt. U.S. Conservation International, The Nature Conservancy and the World Wildlife Fund are jointly contributing $1.1 million. In return, the Government of Peru will fund tropical forest conservation activities through local non-governmental organizations in Peru. Peru is home to 84 of the 103 types of "life zones" found on earth and ranks as one of the world’s most biologically diverse countries. This debt-for-nature swap deal will help fund the creation, restoration and management of parks and protected areas in Peru’s extensive forests, as well as train scientists, managers and technicians involved in forest conservation. Peru is the fourth country to benefit from debt treatment programs under the TFCA, which was enacted in 1998 with broad bipartisan support to provide eligible developing countries the opportunity to reduce their debt to the U.S. while generating funds for in-country forest conservation activities. Agreements have been concluded with Bangladesh, Belize and El Salvador to date. The Secretary of State administers tropical forest agreements under the TFCA. Today’s historic agreements were signed by U.S. Under Secretary of the Treasury John B. Taylor, Peruvian Finance Minister Pedro Paulo Kuczynski, and executive officers from the three contributing conservation organizations. |
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