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Will Sri Lanka opt for debt-for-nature swap deal? - newsfirst.lk - Sri Lanka - county Will - Ecuador - Cape Verde - Seychelles
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Will Sri Lanka opt for debt-for-nature swap deal?
COLOMBO (News 1st) – Countries with large debt burdens are losing even more capital due to climate shocks, and shrinking their fiscal space, and these countries are now looking for other options to ease their burden.Some of these countries are now opting to switch to a debt-for-nature swap deal, which is an arrangement whereby a foreign debt owed by a developing country is transferred to a particular organization, typically in return for the country's committing itself to specified conservation measures.These can be trumped up countries, including Sri Lanka, which has been discussing a deal of up to $1 billion according to people familiar with those talks.Cape Verde, an archipelago nation off West Africa, is meanwhile close to a nature swap that could be worth up to $200 million, said Jean-Paul Adam, a former Seychelles government official who now works for the U.N. Economic Commission for Africa (UNECA), providing financing advice to governments.The potential deals for Ecuador, Sri Lanka and Cape Verde, reported here in detail for the first time, point to a jump in interest for this form of financial alchemy, which was conceived decades ago but has remained something of a niche area until recently.Only three of over 140 or so swaps struck over the past 35 years – the first in 1987 – had a value of more than a quarter of a billion dollars, according to global data published by the African Development Bank.
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