Galápagos Conservation Secured Through Debt-for-Nature Deal in Ecuador
Ecuador has announced a debt-for-nature deal, the biggest in history, to reduce its debt burden and free up hundreds of millions of dollars to fund marine conservation around the Galápagos Islands. The deal involves Credit Suisse converting $1.6 billion worth of bonds into a $656 million Galápagos Marine Bond, which will help Ecuador fund conservation. Ecuador has committed to spending more than $323 million over about 18 years on conservation in the Galápagos region, particularly to manage and monitor the Hermandad Marine Reserve. The deal is evidence that debt-for-nature swaps are increasingly recognized as all-around wins that will survive changes in leadership.