The US and Indonesia have reached an agreement to forgive $35 million of Indonesian debt over the next nine years in exchange for the preservation and restoration of coral reefs [cccd8310]. This debt-for-nature swap is the fourth between the two countries since 2009 and will provide funding for at least 15 years of conservation work in two key areas of the Coral Triangle [cccd8310]. Indonesia is home to approximately 5.1 million hectares of coral reefs, which account for 18% of the world's total. However, this year's bleaching events have had a devastating impact on these ecosystems [cccd8310]. Under the agreement, $26 million of Jakarta's debt will be written off under the US Tropical Forest and Coral Reef Conservation Act, with Conservation International contributing $3 million and The Nature Conservancy contributing $1.5 million [cccd8310]. Indonesia has committed to reef restoration efforts, while local non-profit groups will use the conservation fund to support projects that directly benefit reef ecosystems and promote sustainable livelihoods for those who rely on them [cccd8310].