FSSI

A vigorous and sustained campaign by Filipino and European civil society organizations bannering the petition that "development needs debt relief" resulted in the creation of the Swiss Debt Reduction Facility (SDRF) in 1995. The SDRF was founded to aid poor nations that were indebted to the Swiss government. Debts were cancelled and counterpart funds were established by debtor nations to invest in poverty reduction programs. The announcement of the SRDF coincided with the 700 th anniversary ofthe Swiss Confederation. On 11 August 1995, the Foundation for a Sustainable Society, Inc. (FSSI) was established following a successful debt for development agreement between the Government of the Philippines and the Swiss Confederation. Switzerland cancelled the Philippine's outstanding export credit debts amounting to 42 million Swiss Francs (approximately USD 34 million.) A counterpart fund, equivalent to fifty percent of this amount was put up and channeled to FSSI to finance sustainable..

Primary location: Quezon City Philippines