JAKARTA: US Ambassador to Indonesia Cameron R. Hume and Indonesian Forestry Minister M.S. Kaban will sign a Tropical Forest Conservation Act (TFCA) agreement worth nearly US$30 million in total grants over the next eight years, for reducing Indonesia's debt payments to the US.
In return, the Indonesian government has committed these funds to support grants to protect and restore the country's tropical forests.
The agreement would be the first of its kind for in Indonesia, as well as the largest debt-for-nature swap under the TFCA, the US embassy said here Monday.
The TFCA offers eligible developing countries with options to relieve certain official debt owed to the US government, while at the same time generating funds in local currency to support tropical forest conservation activities. - JP
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