Belize Cures $553 Million Default With a Plan to Save Its Ocean
- Belize, creditors, Nature Conservancy team up on restructuring
- Savings from debt deal will go toward protecting the sea
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Belize, its creditors and the Nature Conservancy have finalized one of the biggest-ever debt restructurings meant to aid the environment in an agreement that remedies the nation’s latest default.
Under the final terms announced Friday, more than $550 million of bonds will be wiped out. The Nature Conservancy -- an Arlington, Virginia-based charity focused on climate change and biodiversity -- is loaning Belize the money to buy back its debt at about 55 cents on the dollar, generating savings that the country has committed to spend on initiatives to prevent overfishing and other stresses. The bonds were trading below 40 cents before the offer following the Caribbean nation’s fifth default in 15 years.