AS/COA Online | Costa Rica, U.S. Ink Conservation Deal
/Costa Rica, long seen as a model for environmentalism, inked a debt-for-nature deal that could put it on the global map for meeting conservation targets. The agreement paves the way for Costa Rica to expand protected marine and rainforest areas and become the first developing country to meet its environmental protection commitments spelled out under the UN Convention on Biological Diversity. At the heart of the program is an accord signed Friday by Washington and San José whereby Costa Rica will draw down its debt to the United States and invest $27 million in conservation efforts over the next 15 years. The Nature Conservancy, which donated nearly $4 million, and the Central Bank of Costa Rica also signed the deal.