Remarks for The Ambassador for the Issuance of Initiative of The Americas Fund El Salvador (Fiaes) Grant Checks
June 19, 2006

I am very pleased to participate today in the issuing of 63 grants that will provide over $3 million of vital development assistance to local communities and organizations.  

The grants are being channeled through the El Salvador Fund for the Americas Initiative (FIAES), truly a tremendous program.

FIAES was one of the first debt-for-nature swap funds established in Latin America.  Under a 1993 bilateral agreement, the government of the United States forgave approximately $464 million of El Salvador’s bilateral debt. 

The interest from the forgiven debt were initially  used to finance community-led environmental and child survival projects under the administration of FIAES. 

Later, FIAES received additional resources from the U.S. government to support tropical forest conservation projects. 

Today FIAES is considered the best fund within the Americas Initiative and one of the most successful environmental funds in the Americas overall.  

For the past 14 years, FIAES grants have funded 661 projects worth $41.6 million. 

FIAES programs have promoted reforestation and forestry management training,
helping the conservation of 70 percent of the country’s natural protected areas. 

FIAES grants have also addressed child survival and disaster recovery needs. 

In all, FIAES programs have benefited some 200,000 Salvadorans and in the process, the civil society organizations running the programs have learned to operate more efficiently and effectively. 

I congratulate the government of El Salvador for its success in meeting the terms of the FIAES agreement and for working to achieve these very significant results

and I am proud that the United States is a partner in these worthwhile endeavors. 

Congratulations, keep up the good work, and thank you very much.