Posted on 27-3-02

Bush Saves Trees
From ens.lycos.com

WASHINGTON, DC, March 25, 2002 (ENS) - A portion of Peru's debt to the
United States will be cancelled in return for the Peruvian government's
commitment to conserve and maintain wildlife reserves and other protected
forest areas. U.S. President George W. Bush and Peruvian President
Alejandro Toledo finalized the agreement Saturday during the visit of the
American President to Peru.

During a joint press conference with President Toledo at the Presidential
Palace, President Bush, acknowledged that he was the first sitting
President of the United States to visit Peru. The two pledged partnership
to combat terrorism and narcotics trafficking. "President Toledo and I both
understand the importance of providing economic opportunity to all our
citizens as a hopeful alternative to the drug trade," said Bush. "President
Toledo and I have agreed to renew discussions on a bilateral investment
treaty, and to complete a debt-for-nature agreement, to help Peru reduce
debt payments while it protects its biodiversity," he said.

Under the agreement, Conservation International, The Nature Conservancy,
and World Wildlife Fund will contribute $1.1 million and the United States
will provide $5.5 million to cancel a portion of Peru's debt to the United
States. In return, the government of Peru will issue local currency
obligations in which the payment streams will go to fund tropical forest
conservation activities through local nongovernmental organizations in
Peru. As a result of the agreement, Peru will save over $14 million in debt
payments over the next 16 years. Peru will provide the local currency
equivalent of $10.6 million toward conservation activities over the next 12
years. For every $1 in U.S. funds, almost $2 will be spent on conservation
activities in Peru.

President Toledo and President Bush signed the debt for nature agreement
under the Tropical Forest Conservation Act (TFCA). Peru is the fifth
country to benefit from programs under the TFCA - Bangladesh, Belize, El
Salvador, and Thailand are the others. Peru is home to 84 of the 103 types
of "life zones" found on Earth, and ranks as one of the world's top
"megabiodiverse" countries. This debt for nature agreement will help fund
the establishment, restoration and maintenance of parks, protected areas,
and reserves, as well as funding training for scientists, technicians, and
managers involved in conservation.

Sworn into office in July 2001, Toledo became the first indigenous Peruvian
to be elected President. He told reporters Saturday, "When I was born, the
very first minute of my life when I opened my eyes, I saw the face of dire
poverty. I know what this means. That's why I am convinced that we can make
an effort to reduce military spending, to reorient those resources towards
investment and justice and education and health. Because the defense of a
country no longer depends on how many tanks, or ships, or aircraft we have.
It's all about how strong our economy is, how educated our people are."