Our World

U.S. and Guatemala Debt-For-Nature Swap

This week, the United States forgave about 20 percent of nearly 108 million dollars owed by the Guatemalan government. In return, Guatemala will put 24.4 million dollars into the protection of the country’s species-rich tropical and subtropical ecosystems. This is the largest of ten similar deals that the United States has taken part in under the Tropical Forest Conservation Act of 1998. Officials are hoping that this agreement will help Guatemala’s wild lands, which have been battered by loggers, hunters, farmers, developers and more.

Some of the targeted areas for this project include the coastal mangrove swamps, high-altitude cloud forests, and the country’s rainforests. One specific area is the Maya Biosphere Reserve. This area contains one tenth of the country’s land area, and is home to the jaguar. Another zone to be funded is the Sierra de las Minas Biosphere Reserve. This reserve is home to hundreds of different animal species, including the manatee and quetzal bird. Another local focal point is the Sierra Madre Volcanic Chain, a string of 37 volcanoes surrounded by broad-leaf cloud forest, pine-oak, and tropical pine forests. And the other high conservation priority is the Cuchumatanes mountain region. This area is home to 60 species of flora, 19 species of birds, and several amphibious species that are found nowhere else in the world.

With the approximate 24.4 million U.S. dollars, the Guatemalan government will put money into an account to fund conservation proposals by non-profit groups and academic organizations for 15 years. On a global level, this is the largest debt-for-nature swap to be recorded. However, the United States has made similar deals with Bangladesh, Belize, Colombia, El Salvador, Jamaica, Panama, Paraguay, Peru, and the Philippines. And all together, the projected amount of money to be converted in to the protection of tropical forests is estimated to be around 125 million dollars. However, to qualify for this swap, a country needs to be democratically governed, cannot be claimed to support terrorism, must back the U.S. anti-drug efforts, as well as mean several other specifications of the U.S.

And although there are some opposes to a swap like this, I feel that for the most part, this is a great idea. But I think that the countries must make a strong effort to use this money properly. However, because there will be an oversight committee which will administer the program, I know that there will be a push to save the nature in Guatemala, as well as other countries.

U.S. Forgives Multimillion Dollar Debt

posted by Anonymous @ 10/12/2006 10:27:00 PM