Common Contracts
1 similar Debt-for-Nature Swap Agreement contracts
The United States and Indonesia Sign $35 Million Debt Swap Agreement to Support Coral Reef EcosystemsDebt-for-Nature Swap Agreement • July 8th, 2024
WASHINGTON - The United States of America, the Republic of Indonesia, and four non- governmental organizations (NGOs) (Conservation International (CI), The Nature Conservancy (TNC), Yayasan Konservasi Alam Nusantara, and Yayasan Konservasi Cakrawala Indonesia) signed debt-for-nature swap and coral reef conservation agreements under the Tropical Forest and Coral Reef Conservation Act (TFCCA) on July 3, 2024. When implemented, the agreements will reduce Indonesiaʼs debt payments to the United States Government by $35 million over the next nine years. In return, the Government of Indonesia has committed these funds to support grants to protect and restore the country's coral reef ecosystems through the establishment of a conservation fund. Local NGOs will use grants from the conservation fund to support projects that directly benefit the coral reef ecosystems and the communities that depend on them. The fund administrator for the new 2024 coral reef conservation agreement is Yayasan Keane
