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US converts Brazilian debt into environmental protection

by Staff Writers
Brasilia (AFP) Aug 11, 2010
Brazil and the United States have struck a deal under which 21 million dollars in Brazilian debt will be converted into environmental protection programs, the Brazilian government said Wednesday.

The accord permits Washington to forgive that amount of debt over the next five years, in exchange for Brasilia using the money to conserve its non-Amazon tropical forests, the Brazilian environment ministry said.

Officials will formalize the agreement in a ceremony Thursday.

The United States already has similar debt conversion schemes in place with Bangladesh, Belize, Colombia, Costa Rica, El Salvador, the Philippines, Guatemala, Indonesia, Jamaica, Panama, Paraguay and Peru.

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