Environment
and business often make
good partners. This has been
amply demonstrated by
World Wide Fund for
Nature (WWF) in Madagascar. The Organisation there
buys up commercial debts
available at a discount in
minor markets. It then pressurises the government to
allocate funds to protect
Madagascar's ecosystem.
This arrangement has numerous beneficiaries - 30
species of lemurs, eight types
of baobab trees and 235 varieties of reptiles.
The scheme, launched by
WWF in 1989, provides a lifeline to commercial banks
eager to offload debts. The
crisis-hit Madagascar government has reneged on servicing for many years now.
This scheme will enable the
country's credit rating to
recuperate in international
markets. And they can repay
foreign debts in local curren-Cy. WWF too benefits by
receiving more money than
it spends on projects. Funds
are channelised into recruiting and training of personnel
to patrol the island. It is also
used to compel villagers to
end bush-clearing.
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