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Ecuador sets second debt-for-nature swap in motion

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Ecuador has started work on a deal to swap more of its existing debt and free up money for conservation efforts in the Amazon rainforest, a stock exchange filing on Tuesday showed.
Ecuador has initiated its second debt-for-nature swap, aiming to restructure $1.6 billion of its commercial debt into a $1.13 billion loan, with the savings directed towards conservation efforts in the Galapagos Islands. This financial maneuver, announced on December 3, 2024, follows a similar deal in 2023 where Ecuador swapped $1.6 billion in bonds for a $656 million loan, saving $1.13 billion in debt payments. The new agreement, facilitated by Credit Suisse, now part of UBS, involves issuing a blue bond to fund marine conservation. The deal is expected to close in the first half of 2025, pending necessary approvals, and will help Ecuador manage its debt while supporting environmental initiatives.

Read the Full Reuters Article at:
[ https://www.reuters.com/sustainability/sustainable-finance-reporting/ecuador-sets-second-debt-for-nature-swap-motion-2024-12-03/ ]