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The Nature Conservancy has helped Panama safeguard the future of its natural heritage by facilitating a debt-for-nature swap between the Panamanian and the U.S. Governments in July 2003. With a $1.16 million contribution from the Conservancy, the U.S. government was able to forgive $10 million of Panama’s debt.
In exchange, the government of Panama will fund conservation projects in the Chagres River Basin in the amount of $10 million over the next 14 years. The funds will focus on the protection of Chagres National Park, a haven for numerous endangered animals, including birds, jaguars, anteaters, harpy eagles and mantled howler monkeys.
Ecological Significance
The upland rainforests, numerous rivers and coral reefs of the Chagres Basin contain a tremendous degree of biological diversity. This region possesses a nearly unparalleled variety of birds, supporting 560 species, including the harpy eagle (Panama’s national bird and the largest eagle in the world), russet-crowned quail-dove and speckled antshrike. In the rainforests alone, 1,125 species of plants thrive. Of these, 200 are rare and five represent new species discovered for botanists in 1999.
Owl monkeys
© Marie Reed |
Strategic Importance
This debt-for-nature swap offers the opportunity to safeguard a region that is crucial both to Panama’s natural biodiversity and its economic life. By cementing existing protection measures and fostering sustainable use practices, the Conservancy and its partners can demonstrate that conservation benefits a country’s economic development, as well as its natural heritage. In working with the U.S. Government, the Conservancy has achieved substantial leverage, resulting in almost $10 spent on preservation initiatives for each $1 funded by the Conservancy.
Partners
The U.S. and Panamanian Governments and local partner, Fundacion Natura. The Conservancy, which donated almost $1.2 million toward this arrangement, has previously participated in Tropical Forest Conservation Act debt-for-nature swaps in Peru and Belize.
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Rainforests overlooking the Panama Canal. Four of the six rivers flowing into the Canal pass through the Chagres River Basin
© Andrew Simpson/TNC |
The area is also important for the economic and social health of Panama. Much of Panama’s revenue comes from the Panama Canal. The Canal uses 52 million gallons of fresh water from 6 rivers for each ship passage, and four of the six rivers flow through the Chagres Basin. The Chagres Basin watershed also provides the main source of fresh water to Panama City and Colon.
Threats
Given its close proximity to Panama City and Colon, the country’s two largest cities, the Chagres Basin region faces growing pressure from urban and industrial development, expanding agriculture, poultry farming, cattle ranching and hunting. This debt-for-nature swap will ensure the long-term viability of the Chagres Basin’s biodiversity and the native Panamanians who depend on it.
Plans
These funds will bolster supervision and oversight efforts in the 320,000-acre park over the next 14 years, ensuring the preservation of lands that are legally protected, but lack sufficient resources for the enforcement of existing regulations. The debt-swap will also fund community development projects to abate current threats. These projects will include environmental education and sustainable use activities such as ecotourism and compatible agriculture.
These resources will also help create a permanent endowment to provide sustainable funding to the park after the directly administered funds expire. Taken together, these measures will increase the long-term resources and local support for forest protection and will provide a conservation model for the rest of Panama.
Chagres National Park Facts
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Size: Chagres National Park, 320,000 acres.
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Animal Species: 560 bird species (including the harpy eagle), capybara, jaguar, and mantled howler monkey.
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Plant Species: 1,125 species of plants, of which 200 are rare and five new discoveries. |
