Finance Ministry Holds Debt Workshop

Details

Economy

Wednesday, 16 May 2012 02:30

By caribarena news

Antigua st john's - The Ministry of Finance is hosting a two-day workshop at the Heritage Hotel, facilitated by The Nature Conservancy.

It brings together both government and non-government stakeholders, and will run for two days from May 15 and 16.

According to a release, the workshop will provide practical tools, information, and training necessary to finalise Antigua and Barbuda’s Conservation and Climate Adaptation Trust (ABCCAT) and also to outline the next steps to conclude a debt for adaptation swap for Antigua & Barbuda.

In order to finalize the ABCCAT, participants will be updated on the status of the Caribbean Bio-Diversity Fund. They will also review the national legislative framework with a view to developing an action plan to effect the legislative changes necessary to facilitate the ABCCAT.

The development of an action plan for Antigua & Barbuda’s debt for adaptation swap will be informed by the expertise and considerable experience of conservation finance experts from the Caribbean who will share their experiences and showcase best practices in concluding a debt swap.

A debt swap/debt conversion is a mechanism by which debt owed by a debtor can be renegotiated with the creditor to fund activities agreed by all stakeholders.

A debt for climate swap is an innovative financing mechanisms designed to support the neediest countries to generate additional resources for climate change adaptation.

Countries use debt swaps to reduce foreign currency debt and replace with local currency debt to fund worthy in-country projects.

• < Prev
• Next >