THE country's forestry conservation efforts will benefit from a subsidised debt swap agreement being finalised between the Jamaican and United States Governments.

Under the agreement, a minimum of US$7.8 million of Jamaica's debt to the US will be retired in exchange for investment in the restoration and protection of parks, protected areas and forest reserves in the island.

Agriculture Minister Roger Clarke told his post-budget news briefing yesterday that negotiations were at an advanced stage between the Ministry of Finance and the US Government on the agreement, categorised as a debt for nature swap.

Clarke told Parliament Tuesday that the subsidised debt swap agreement was being negotiated "following a positive response by the US Government to an expression of interest by the Government of Jamaica in gaining debt relief under the United States' Tropical Forest Conservation Act (TFCA).

"Under the subsidised debt swap agreement, the Nature Conservancy, an international organisation headquartered in the US, with a country office in Jamaica, is committing US$1.3 million to the deal, which will see the US Government allocating US$6.5 million of appropriated funds to retiring a portion of Jamaica's debt to the United States," Clarke told the House while making his contribution in the sectoral debate.

He added that based on the discount rate at which the debt was retired, the final value may be considerably higher than the US$7.8 million currently on the table for negotiation.

Clarke also announced that officials from the Ministry of Finance and the US Treasury Department had identified the debts to be treated, and were in the process of working out a repayment schedule, as well as the appropriate discount rate.

Potential additional benefits to the country identified by the minister were the replacement of a US dollar obligation with a local currency obligation, and the possibility of a discount on the total obligation.

In the meantime, Clarke said priorities were being developed for the use of the funds generated under the debt swap agreement which sets out the provisions for the management and governing of the funds and establishes guidelines for local groups which may benefit.

Eligible for funding are:

. the establishment, restoration, protection and maintenance of parks, protected areas and reserves;

. training programmes for organisations involved in conservation efforts;

. development and support of the livelihoods of individuals living in or near a tropical forest, in a manner consistent with protecting that forest;

. research and identification of medicinal uses of forest plant life to treat human disease, illness and health concerns; and

. the restoration, protection or sustainable use of diverse animal and plant species.

Clarke said implementation of specific forest conservation activities would be guided by the National Forest Management and Conservation Plan, approved by Cabinet in 2001 and other national level plans as they relate to tropical forest conservation.

He also announced an added sweetner in that private landowners could also benefit from the agreement by having their lands declared forest reserves, or forest management areas in return for benefits including remission on property taxes; the provision of technical advice on forest management; provision of tree seedlings at special rates; and duty-free concessions at the level applicable to the agricultural sector.

And the minister told reporters yesterday that the Hope Botanical Gardens is to be restored to its "pristine beauty" with assistance from the Nature Preservation Foundation Limited, which will source funding from sources such as the Environmental Foundation of Jamaica, to develop the gardens which will also encompass a horticulture faculty being developed by the University of Technology.

The zoo is also to be restored in phases through a lease agreement with the National Wildlife Foundation which is currently developing a rehabilitation plan which is expected to be ready mid way the current financial year, the minister said.

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