Ecuador carried out the largest debt swap in the world to protect the Galapagos Islands

Ecuador exchanged approximately USD 1.63 billion of existing debt for a new loan of USD 656 million. This agreement, supported by the Development Finance Corporation and the Inter-American Development Bank, aims to conserve the environment, specifically the Galapagos marine reserves. Ecuador carried out the largest debt-for-conservation swap in history, allocating USD 450 million, previously earmarked for debt repayment, to the Galápagos Life Fund (GLF) to finance conservation projects in the Galapagos and Hermandad marine reserves. The transaction also saves Ecuador USD 1,121 million in debt