THE WHITE HOUSE

Office of the Press Secretary
(New Delhi, India)

FACT SHEET

HELPING BANGLADESH TO CONSERVE ITS TROPICAL FORESTS

Today, as part of the Administration's efforts to protect biodiversity and tropical forests around the world, President Clinton announced that the United States will make available up to $6 million for a debt-for-nature swap in Bangladesh. Under agreements to be negotiated, the United States would reduce a portion of Bangladesh's outstanding debt in exchange for its commitment to invest funds in tropical forest conservation programs.

Bangladesh is the first country to benefit from funding under the Tropical Forest Conservation Act signed by the President in July 1998. The innovative debt-for-nature swaps authorized by the Act help to preserve forests and protect endangered species while relieving poor nations of crippling debt. Congress appropriated $13 million for such agreements in fiscal year 2000.

Bangladesh's tropical forests cover more than three million acres. Roughly half are the mangrove or "monsoon" forests of the southwestern Sunderbans region. This area is home to 400 Bengal tigers, the world's largest single population. As one of the largest mangrove forests in the world, the Sunderbans are designated wetlands of internationally recognized importance. Bangladesh is home to more than 5,000 species of plants, compared to 18,000 in the United States, which is 67 times its size.

Following today's announcement, Bangladesh will negotiate two agreements with the U.S. Government: one to reduce its debt, and the second to establish a Bangladesh Tropical Forest Fund. Representatives of the U.S. and Bangladesh governments will serve on a board overseeing the fund. A majority of the board's members will be from Bangladesh's civil society, including representatives of non-government organizations that focus on forestry and biodiversity as elements of sustainable development.