ST GEORGE’S, Grenada (CMC) – At least three Caribbean Community (Caricom) countries could benefit from an initiative of The Nature Conservancy that could result in their debts being swapped for projects aimed at sustainable development.

Financial specialist at the Nature Conservancy, Rob Weary, said through the initiative, millions of dollars will be re-directed to the islands and all that will be required is for them to divert that money to environmental projects through the territory’s sustainable development programme.

Nature Conservancy has already successful negotiated millions for the Seychelles Island and has been approached by other countries seeking similar initiatives.

It said that negotiations are ongoing for six territories, with three of them in the Caribbean. They are Grenada, St Kitts and Jamaica.

Weary said that his organisation is close to finalising a deal for St Kitts-Nevis covering its debt of EC$29 million (One EC dollar =US$0.37 cents) but remained tight-lipped regarding the other islands.

Weary said that through the initiative, his organisation will negotiate to have the debt purchased by a third party, which will then be transferred to a Trust established in accordance with the relevant national law.

“So for example, instead of Grenada making payment to the external creditor, they will now make payment to the internal trust and the money will be used for environmental-based developmental programmes,” he said.

He said that once the government of the participating state is abiding with the agreement of the “swapping deal”, the debt will be totally wiped out and there will be more developmental programmes in the participating territories.