US forgives Peru debt for forest protections
LIMA, Peru – U.S. Ambassador Michael McKinley and Peru's foreign minister have signed an accord forgiving US$25 million of Peru's foreign debt and directing the money to a tropical forest conservation program.
The accord is the 14th debt for conservation exchange the U.S. has signed under the U.S. Tropical Forest Conservation Act of 1998. It's the second with Peru.
The U.S. forgave US$10 million of Peru's debt in 2002 and a total of US$188 million from countries in tropical regions.
Peru Environmental Minister Antonio Brack said Tuesday the US$25 million will be administered by a joint U.S.-Peruvian fund based in Lima.
A U.S. State Department communique said Monday that the program will protect ecosystems in Peru's tropical and dry forests.