Ecuador has recently announced the largest debt swap in its history to protect a famous group of islands.
On May 15, Ecuador’s Ambassador to Egypt Denys Toscano Amores told a press conference of his country’s undertaking to protect the Galápagos Islands, an archipelago that straddles the Equator 900 km west of South America.
“Ecuador has become a global reference for public policy of environmental transformation by conducting the largest debt swap in human history, through which it was able to save $1,100 million of its foreign debt, $450 million will be invested in the conservation of the Galápagos Islands,” the ambassador said.
The Galápagos Marine Reserve and the new Brotherhood Marine Reserve together cover an area of 198,000 square kilometres.
The conservation will benefit 2,500 marine species including endangered migratory species of sea turtles, whale sharks and hammerhead sharks.
“The funds will also help Ecuador monitor ocean health, promote sustainable fishing, and enhance resilience to climate change,” the ambassador added.
Toscano Amores pointed out that the ongoing dialogue between national and local governments, civil society, environmental scientists, academics, international organisations and NGOs, as well as compromise with fishermen, has made this deal a reality.
“All these sectors are part of an innovative solution that has made it possible to create a financial mechanism to reduce Ecuador’s external debt while protecting the biodiversity of the Galápagos Islands,” Toscano Amores said.
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