The United States Government, in collaboration with several financial and environmental organizations, has finalized the largest debt exchange for marine conservation in the Galapagos Islands. The U.S. International Development Finance Corporation (DFC), alongside the Inter-American Development Bank, Credit Suisse, Oceans Finance Company, and Pew Bertarelli Ocean Legacy, announced a $656 million Galapagos marine conservation-linked bond known as Bono Marino Galapagos.
This significant announcement was made during a ceremony in Ecuador attended by key figures such as Michael J. Fitzpatrick, U.S. Ambassador to Ecuador; Luis Lara, Minister of Defense; Julio José Prado, Minister of Production; Pablo Arosemena, Minister of Finance; Gustavo Manrique, Minister of Foreign Relations; and José Antonio Dávalos, Minister of Environment. Ambassador Fitzpatrick stated: “We are pleased to support this permanent endowment aimed at conserving the Galapagos marine ecosystem through the Galapagos Life Fund.”
The debt conversion is expected to save Ecuador over one billion dollars through reduced sovereign debt service costs. This initiative is part of ongoing collaborations between the United States and Ecuador since 2019 that have seen over one billion dollars mobilized by the DFC for various programs.
Additionally, last week saw the announcement of a $150 million loan commitment by the DFC to Yilport Terminal Operations S.A., intended for expanding and modernizing Puerto Bolívar's shipping container port in El Oro. This project aims to establish it as Latin America's largest maritime container terminal while creating up to 1,250 jobs and attracting significant foreign investment.
Promoting economic development in Ecuador and environmental conservation remain priorities for the United States. The recent actions by DFC exemplify their commitment to strengthening ties with Ecuador.