![]() Galápagos is an important environment for migratory whale sharks Although the Galápagos Marine Reserve, established in 1998 protects more than 133,000 sq km of ocean surrounding the islands, the waters outside the MPA have been targeted by massive industrial fishing fleets. The Galápagos Islands are part of one of the world’s most important marine ecosystems, home to a wide range of species, many of which are endemic to the region. Since 1987, at least 16 countries – including Belize, Brazil, Costa Rica and the Republic of Seychelles – have completed almost 50 debt conversions for nature, which has seen approximately $200 million in reduced, restructured, or converted national debt, which has, in turn, generated about $167 million for conservation activities.Įcuador’s new debt conversion total and the expected benefits from the Credit Suisse deal, however, are greater than all previous transactions combined – in addition to repaying the new loan for about 18 years, Ecuador will also provide about $17 million annually for conservation-about $12 million for activities and about $5.4 million to seed a permanent endowment.īy the time Ecuador has finished repayments on the loan in 2040, the estimated total of approximately $227 million in endowment assets from the accumulated payments and investments is expected to be enough to continue financing conservation activities for the long-term future.
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