LONDON (Reuters) – The Bahamas is to join a growing trend where countries promise better protection of precious ecosystems in return for having their debts reduced.
Bahamas economy minister Michael Halkitis told Reuters that a so-called “debt-for-nature” swap would launch in the next two to four months and focus on improving the country’s network of marine parks and protected areas.
The country’s prime minister had signalled a deal was on the cards earlier this year – nearby Barbados, Belize and Ecuador have all completed debt-for-nature swaps in recent years – but Halkitis’ comments are the first firm outline of the Bahamas’ plan.
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