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Debt-for-nature swaps are financial transactions in which a portion of a developing nation’s foreign debt is forgiven in exchange for local investments in environmental conservation measures.
Monday, the debt-for-nature swap between the United States and Costa Rica invited non-profit organizations to submit proposals for forest conservation projects in the 7th round of funding under the program.
Costa Rica has put debt-for-nature funds to good use in establishing and improving parks and preserves, and it has seen marked improvements in tourism, improved water quality, and increased energy output even in the short term, according to academic research published on the topic.
“In this call, US$1,000,000 is available for financing of projects. Those that are approved, will receive funds in colones in amounts ranging from 15 to 100 million colones, depending on the nature of the project and the organization,” explained Lesbia Sevilla, representative of the Government of Costa Rica in the program and president of the debt-for-nature swap supervisory committee.
The total amount of the first exchange, signed in 2007, is US$26,075,942. This means that when all local funding of conservation programs have been disbursed in 2024, the United States will have erased more that US$26 million of Costa Rica’s external debt with the U.S., and this money will have been invested towards the forest conservation objectives established in the agreement.
“The main objective of this debt swap is to facilitate the conservation, protection, restoration and sustainable use of tropical forests in Costa Rica, namely in six priority geographic areas: Osa, La Amistad, Tortuguero, Maquenque, the northeast area of Rincón de la Vieja, and Nicoya,” added Sevilla. “The agreement has existed for ten years. To date, 31 executing agencies of 40 projects have received grants in excess of 1.7 billion colones or about US$3 million.”
The projects are open to registered Costa Rican non-profit organizations with activities in at least one of the six priority geographic areas of Costa Rica identified in the agreement.
“Among other requirements, interested organizations are requested to submit a project proposal with the respective budget, as well as documentation supporting the capacity of the lead organization to manage financial resources and projects. The application process can be completed online,” explained Sevilla.
The Costa Rica por Siempre Association is administering this round of proposal applications which is open from September 11 to October 30. Results will be announced within 60 calendar days from the end of the submission period, added Sevilla.
Organizations who meet any of the following criteria will be given priority in the selection process:
• Participatory research and monitoring of wildlife species that are vulnerable to hunting.
• Research and monitoring of threatened forest ecosystems focused on endangered flora.
• Protection of forest ecosystems and prevention of hunting.
• Promotion of private financial mechanisms that benefit conservation on private lands.
• Promotion of sustainable productive activities that benefit forest conservation and the livelihood of local residents.
• Recovery of degraded areas and forest restoration with emphasis threatened and endemic species.
• Strengthening of the following biological corridors: Diriá, Cerros de Jesus, Cacao Corner and Rainforest Corner.
• Mentoring program (in which a non-profit accompanies a community-based organization in the execution of a project to strengthen the institutional capacities of the latter).
• Development of multi-sectoral plans for climate change in line with the national strategy for
adaptation of the biodiversity sector.
Briefing sessions will be held September on 21 and 22 at the offices of Costa Rica por Siempre Association. To confirm your attendance at one of the sessions, please call 2220-4270 or write to <[email protected]>.
