Ecuador has converted part of its $1.5 billion external debt into a fund aimed at the protection of forests and wetlands in the Amazon rainforest. The Ecuadorian government renegotiated its debt, resulting in some $460 million in savings that will be allocated toward the efforts. Ecuadorian President Daniel Noboa praised the completion of the country’s second debt-for-nature swap.

President Daniel Noboa: “The demand for this program has been incredible. It has been more than four times what we were actually able to place. This is a good sign. It is a sign for the future that there can be mechanisms like this on a slightly larger scale and can generate a more significant impact.”