Forgiving debt for saving rainforests

March 21, 2007

The United States has canceled $12 million in debt owed by the Central American country Costa Rica if they continue conservat... Costa Rican President Oscar Arias, who won the Nobel Peace Prize in 1987 for his part in brokering peace agreements that ended civil wars in Central America, has frequently spoken out against spending on arms in countries with widespread social needs. He said his proposal would move away from a practice where debt is only forgiven for countries with the lowest per capita income.