This bill reauthorizes the Tropical Forest Conservation Act of 1998 through FY 2020 and expands the Act to include coral reefs as well as tropical forests. The bill also changes the name of the Act to the Tropical Forest and Coral Reef Conservation Act of 1998.
The bill authorizes to be appropriated funds for the Act's debt-for-nature swaps and debt buyback programs through FY 2020. Such programs convert reduce or convert debt obligations from eligible countries to the United States into funding for nature conservation and protection efforts in that country. The Tropical Forest Facility, an entity that administers the programs, shall be renamed the Conservation Facility.
The bill modifies the administration of agreements signed between the United States and each country that participate in the debt reduction programs. The administering body for each country that disperses grants under the Act shall have at least one U.S.-appointed individual serving in an official capacity. It also modifies the additional approval requirements for larger grants and defines such grants as those of more than $250,000. Currently, grants of more than $100,000 are subject to additional approval requirements.
]]>This bill renames the Tropical Forest Conservation Act of 1998 as the Tropical Forest Conservation Reauthorization Act of 2017.
Non-tropical forests and coral reef ecosystems are included within the scope of, and made eligible for benefits under, the Tropical Forest Conservation Reauthorization Act of 2017.
The Tropical Forest Facility is renamed the Conservation Facility.
One or more individuals appointed by the U.S. government may serve on oversight bodies for grants from a debt-for-nature swap or debt buyback regardless of whether the United States is a party to any agreement between the eligible purchaser and the government of the beneficiary country.
The Tropical Forest Fund is renamed the Conservation Fund.
A grant of more than $250,000 from a fund must be approved by the U.S. government and the government of the beneficiary country.
The Foreign Assistance Act of 1961 is amended to revise International Monetary Fund criteria for country eligibility.
]]>