Ecuador Seeking Bond Deal to Fund New Galapagos Marine Preserve

Ecuador’s government is in talks with a U.S. development bank to raise funds that would pay for protecting a vast new marine preserve around the Galapagos Islands, Environment Minister Gustavo Manrique said in an interview.

The exact details of the fundraising have yet to be worked out, but would likely involve Ecuador buying back some of its more costly debt and issuing a less expensive “blue bond” backed by the U.S. International Development Finance Corp., Manrique said. The operation would reduce the government’s debtload by about $300 million on the condition that Ecuador increases spending to help the Galapagos, according to Manrique.