The Government canceled or subtracted USD 1,630 million of its external debt in bonds through a purchase operation carried out by Credit Suisse.
Referential image of fauna in the Galapagos Islands, January 2022.
Ecuador completed an exchange of external debt into bonds that will allow it to allocate resources for marine conservation in the Galapagos Islands.
It was announced on May 9 by the Minister of Economy, Pablo Arosemena, at an event held in Carondelet.
The Inter-American Development Bank (IDB) highlighted that it is the largest conversion of public debt by nature that has been completed so far in the world.
The operation consists of granting an IDB guarantee of USD 85 million and political risk insurance for USD 656 million from the DFC (United States International Development Finance Corporation or DFC) to Ecuador to the purchase of part of its foreign debt in bonds.
Through this operation, the Government canceled or subtracted from the public debt USD 1.630 millions of its external debt in bonds, according to Arosemena.
With this purchase of external bonds, which was carried out by the Swiss bank Credit Suisse, Ecuador will be able to have total savings of more than USD 1,126 million, explained Foreign Minister Gustavo Manrique.
Of the savings that the operation will generate, some USD 450 million will go to the conservation of the marine reserve in Galapagos.
