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Debt relief by US for Bangladesh's conservation |
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September 14, 2000
Dhaka (UNB)- The United States is canceling a portion of Bangladesh's debt and allowing future interest payments to go into a fund that supports tropical forest conservation efforts. According to a message received from Washington yesterday (Wednesday), the agreement will cancel some debt payments and save Bangladesh more than $10 million over the next 18 years. Announcing this on Tuesday US Treasury Department said Bngladesh is the first country to benefit from legislation passed by Congress and signed into law by President Clinton in 1998. It provides certain countries the opportunity to reduce some of the debt they owe the Untied States and generate funds for tropical forest conservation activities. The agreement reflects a "commitment to protect biodiversity and tropical forests around the world," said Treasury's Deputy Secretary Staurt Eizenstat. Bangladesh, over the next 18 years, will have an estimated $8.5 million in the tropical forest conservation fund. It will would result from interest payments on remaining debt being deposited into the fund rather than being paid to the United States. "Most of the countries that possess many of the world's fragile rain forests are under heavy financial pressure to turn their rain forests into quick cash to meet their immediate domestic needs," said Sen Joseph Biden, who helped write the law. The fund will be overseen by a board whose members will include one US government representative, a Bangladeshi government representative and members of the Bangladesh public such as environmentalists, community members, scientists or forestry experts. Bangladesh's tropical forests cover about 3.7 million acres, roughly half of which are in the southwestern Sunderbans region, considered the biggest habitat in the world or rare Bengal tigers. |