Process
The financing mechanism for debt-for-nature swaps is an agreement among the funder(s), the national government of the debtor country, and the conservation organization(s) using the funds. The national government of the indebted country agrees to a payment schedule on the amount of the debt forgiven, usually paid through the nation’s central bank, in local currency or bonds. The process is shown in Figure 1. Participation in debt-for-nature swaps has been restricted primarily to countries where the risk of default on debt payments is high. In these circumstances, the funder can purchase the debt at well below its face value.
Read more about this topic: Debt-for-nature Swap
Famous quotes containing the word process:
“... in the working class, the process of building a family, of making a living for it, of nurturing and maintaining the individuals in it “costs worlds of pain.””
—Lillian Breslow Rubin (b. 1924)
“Rules and particular inferences alike are justified by being brought into agreement with each other. A rule is amended if it yields an inference we are unwilling to accept; an inference is rejected if it violates a rule we are unwilling to amend. The process of justification is the delicate one of making mutual adjustments between rules and accepted inferences; and in the agreement achieved lies the only justification needed for either.”
—Nelson Goodman (b. 1906)
“You can read the best experts on child care. You can listen to those who have been there. You can take a whole childbirth and child-care course without missing a lesson. But you won’t really know a thing about yourselves and each other as parents, or your baby as a child, until you have her in your arms. That’s the moment when the lifelong process of bringing up a child into the fold of the family begins.”
—Stella Chess (20th century)