Gustavo Manrique, Minister of the Environment, Water and Ecological Transition, announced that Ecuador is analyzing a possible swap of environmental debt to create a new reserve in the Galapagos archipelago. With this, it would be thought of extending the coasts to fishing through a negotiation between all the parties involved.
The Galapagos Marine Reserve has proposed that the sovereign debt swap be for USD 1 billion and, with this, the protected area would be expanded by 312,000 square kilometers.
Manrique affirmed that this initiative has already been presented to the Government of Lenín Moreno and is now being negotiated by President Lasso and his team.
“Without a doubt, we are considering evaluating a debt swap for the creation of a new reserve. There is a proposal of a very important amount “, he pointed out.
This project seeks a “debt for nature” swap and is based on the purchase of 2030 debt bonds from Ecuador with an approximate 40% discount on amortization, which would guarantee the supervision of the expanded maritime area.
Although, according to the Minister of the Environment, it would not be a question of an exchange, but rather a “swap” or financial exchange agreement on the international debt acquired by Ecuador, and that in this line the talks are being developed so that, for example , “Double the payment period and release us flow.”
Be the first to comment