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.
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Famous quotes containing the word process:
“If thinking is like perceiving, it must be either a process in which the soul is acted upon by what is capable of being thought, or a process different from but analogous to that. The thinking part of the soul must therefore be, while impassable, capable of receiving the form of an object; that is, must be potentially identical in character with its object without being the object. Mind must be related to what is thinkable, as sense is to what is sensible.”
—Aristotle (384–322 B.C.)
“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)
“The a priori method is distinguished for its comfortable conclusions. It is the nature of the process to adopt whatever belief we are inclined to, and there are certain flatteries to the vanity of man which we all believe by nature, until we are awakened from our pleasing dream by rough facts.”
—Charles Sanders Peirce (1839–1914)