Ecuador debt-for-nature swap wins Latin Finance’s “Innovation of the Year”.

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Ecuador’s debt-for-nature swap has been named the “Financing Innovation of the Year” by Latin Finance, in recognition of the country’s efforts to protect the Galápagos Islands. The landmark transaction involved the exchange of $1.628bn of Ecuador’s sovereign debt for $656m in new debt, enabling the country to redirect $323m towards sustainability commitments aimed at enhancing the conservation of the islands. The deal is praised by Latin Finance for establishing a new international standard and structure for similar operations in the future. Dentons advised the Ministry of Economy and Finance of the Republic of Ecuador on the swap.

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