The Galapagos conversion, which is the largest in history, exchanged $1.628 billion in Ecuadorian government bonds for a $656 million impact loan. The transaction will generate savings to the Ecuadorian fiscus of $1.126 billion through 2041. In return, Ecuador will direct savings of $323 million by 2041 to the conservation of the Galapagos and establish a new endowment fund maturing to $227 million to finance their preservation thereafter.
Situated in a 200,000 km² Marine Protected Area (MPA) off the coast of Ecuador, the Galapagos are a biodiversity hotspot with the highest concentration of endemic species on the planet. Hampered by a lack of funding to enforce its protected status, overfishing combined with pollution and climate change has put the fragile ecosystem and the communities that depend on it at risk.
The conservation funds will protect the 60,000 km² Hermandad Marine Reserve (HMR), providing vital protection for marine life whilst also promoting sustainable fishing and tourism, enhancing ecosystem richness, and building resilience to climate change. Extending to the Cocos Islands, the HMR also provides a safe corridor along a key migratory route for endangered marine species including the Scalloped Hammerhead shark, Oceanic Manta Ray, Blue Whale and several species of marine turtle that move between Ecuador, Colombia and Costa Rica.
The Red Sea Power project is still under construction, so it is not generating direct impact yet.
The ex-ante and ex-post impacts of this investment will be posted here once available.
The ex-ante and ex-post impacts of this investment will be posted here once available.
The Red Sea Power project is still under construction, so it is not generating direct impact yet.
The ex-ante and ex-post impacts of this investment will be posted here once available.
