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Second Debt for Nature Swap between the U.S. and Costa Rica
San Jose - October 14, 2010
The Governments of the United States of America and Costa Rica, the Central Bank of Costa Rica, and The Nature Conservancy, have concluded agreements to reduce Costa Rica’s debt payments to the United States by nearly $27 million over the next 15 years. In return, the Central Bank of Costa Rica has committed to pay these amounts to a forest fund to support grants to protect and maintain the country’s tropical forests.
During the signing ceremony, U.S. Ambassador Anne S. Andrew indicated that “The U.S. investments in Costa Rica’s sustainable development, including today’s “TFCA2” agreement, are not only about the money. Our investments are aimed at helping Costa Rica address the environmental security challenges posed by the ecological impacts of climate change, which represents the biggest threat to the health of ecosystems, as well as to our communities.”
The debt for nature exchange was made possible through contributions of over $19.6 million by the U.S. Government under the Tropical Forest Conservation Act of 1998 and a donation of over $1.6 million from The Nature Conservancy toward the cost of debt reduction, as well as an additional contribution of $2.3 million from The Nature Conservancy to the forest fund in Costa Rica.
This agreement will complement an existing TFCA program in Costa Rica concluded in 2007. With these two agreements, Costa Rica will be the largest beneficiary under the Tropical Forest Conservation Act, with more than $50 million generated for conservation, restoration, and protection of tropical forests.
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