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Ecuador President: Germany Pledges $50 Million/Year For Yasuni Project

LONDON -(Dow Jones)- Germany has pledged $50 million a year as a contribution to the Yasuni-ITT project, which would see Ecuador compensated for not extracting oil from an Amazonian reserve, Ecuador's president said Tuesday.

Speaking at a Chatham House conference, Rafael Correa said the $50 million was part of an annual $350 million compensation the Andean nation is seeking as part of the project.

Correa also said the incoming Copenhagen negotiations in December should address funding for projects that avoid deforestation, such as Yasuni-ITT, and not just those aimed at planting trees.

-By Benoit Faucon Reporter Dow Jones; +44 77 601 777 36.

  (END) Dow Jones Newswires
  10-27-090815ET
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