In order to help the nation’s credit position and give the government access to financial services for social and economic development, National Treasury PS Chris Kiptoo has advocated for creative financing methods that can facilitate nature debt swaps.
PS Kiptoo spoke at the end of a combined High-Level Co-creation Workshop on Food, Security, and Climate Resilience in Kenya Arid and Semi-Arid Lands today at a Mombasa Hotel. The workshop was attended by technical officers from important state departments as well as the World Food Programme.
According to the PS, programmes that target ASALs with the goal of enhancing livelihood resilience for the local communities are necessary because the government is aware of the difficulties and vulnerabilities faced by marginalised populations.
Based on the concept of debt-equity swaps, in which private sector interests purchase discounted debt and exchange it for local currency investments in the indebted country, debt-for-nature swaps leverage money for use in local conservation efforts.
Along with other technical officers, the PS State Department of ASALs and Regional Development’s Kello Harsama, the WFP’s Representative for Kenya, and Country Director Ms. Lauren Landis were also in attendance.