Cape Verde owes around $150m to the Portugese state but Portugal says it will write off the debt if the African island nation spends the money on environmental measures
Portugal has signed an agreement to swap Cape Verdes debt for investments in an environmental and climate fund that is being established by the archipelago nation off West Africas coast, Portuguese Prime Minister Antonio Costa said on Monday.
Such debt-for-nature swap deals are emerging in other countries and are part of attempts to resolve a dilemma faced by world leaders on how and who will foot the bill for actions taken to reduce the impact of climate change.
The former Portuguese colony, which is already suffering from rising sea levels and significant biodiversity …
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