US, Indonesia Sign $35 Million Coral Reef Debt Swap Agreement

The United States has signed a deal to forgive $35 million of Indonesia’s debt in exchange for the Southeast Asian country committing to preserving its coral reef ecosystems, the U.S. Treasury Department said on July 8. The debt-for-nature swap will redirect funds that Indonesia had initially earmarked for debt repayment to the United States into initiatives aimed at supporting coral reef ecosystem conservation activities. The initiatives will support coral reef conservation activities in Indonesia’s Lesser Sunda-Banda Sea area and Bird’s Head Seascape, which is home to over 1,600 coral reef fish species and more than 600 hard coral species. Projects will prioritize the conservation of endemic species that rely on coral reef ecosystems for critical habitat, protect vulnerable coral reef ecosystems of high conservation value, promote the sustainable use of coral reef biodiversity, and create new protected areas as needed....