The Galapagos Islands are home to 3,000 marine species, including sea turtles, dolphins, and tropical fish.
The archipelago, located off the coast of Ecuador, is one of the largest and most biologically diverse marine protected areas in the world, but is under threat from climate change and illegal fishing.
An agreement between United States International Development Finance Corporation (DFC)*the Government of Ecuador and other partners, will ensure continued funding for Galapagos conservation over the long term.
Conversion of debt for wildlife conservation
The DFC and its partners recently completed a debt swap whereby the equivalent of $1.628 billion of Ecuador’s international debt will be swapped for a $656 million loan. The conversion will generate, over the next 18.5 years, $323 million for marine conservation in the Galapagos Islands, and at the same time reduce Ecuador’s national debt.
Part of this money will go, in the form of a donation, to the Galapagos Life Fund, an ongoing source of funding for marine conservation projects. In total, the debt conversion and endowment will generate over $450 million for the conservation of marine flora and fauna in the Galapagos Islands.
“This swap of debt for nature, the largest in the world, illustrates once again that Ecuador, faithful to its democratic principles, enjoys the trust and support of organizations and countries that make possible the conservation of biodiversity”, rejoiced Gustavo Manrique Miranda, the Ecuadorian Minister of Foreign Affairs, in a press release*.
The additional funds will help support Ecuador’s “blue economy”, i.e. the sustainable use of ocean resources for the country’s economic growth.
“Ecuador is gaining increased economic stability and the world is benefiting from the conservation of a very important ecosystem,” added Scott Nathan, the boss of the DFC. “The DFC is proud to have worked with its partners to achieve this innovative transaction. »
*in English
2023-05-22 04:40:14
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