Ecuador sealed the world's largest 'debt-for-nature' swap on record on Tuesday, selling a new 'blue bond' that will funnel at least $12 million a year into conservation of the Galapagos Islands, one of the world's most precious ecosystems.
A giant tortoise is seen on a road at Santa Cruz island at Galapagos National Park August 23, 2013. REUTERS/Jorge Silva
Ecuador sovereign bonds currently yield from 17% to 26%, but the new bond has a 'credit guarantee' from the Inter-American Development Bank and insurance from the U.S. International Development Finance Corp, effectively making it less risky. Many species there, including giant tortoises, marine iguanas and Darwin's finches, are found nowhere else on earth so their conservation is seen as vital.
Conservation funding there now protects a 200 mile radius around the archipelago. It has helped revive local tuna and other fish stocks, but also increased catches further out where local fishing is still allowed.
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