In December 2024, Ecuador completed a debt-for-nature swap to support Amazon conservation through the creation of the Amazon Biocorridor. While this provides economic relief, Amazonian leaders contend they were not included as key participants in the corridor’s design or funding decisions. What is a debt-for-nature swap? A debt-for-nature swap is an agreement in which a creditor forgives part of a country’s debt in exchange for investments in conservation projects. Ecuador’s first debt-for-nature swap occurred in 2023, where it converted $1.63 billion of debt into a $656 million loan. Under the deal, Ecuador committed approximately $450 million to the Galápagos Life Fund, which provides grants for conservation projects in the Galápagos Marine Reserve and the Hermandad Marine Reserve, according to the country’s Ministry of Environment. Former President Guillermo Lasso, with the then minister of environment, José Dávalos, and the former vice president of CONFENIAE, Lola Piaguaje, during the presentation of the Biocorridor. Image courtesy of Presidency of Ecuador. Former President Guillermo Lasso, with the then minister of environment, José Dávalos, and the former vice president of CONFENIAE, Lola Piaguaje, during the presentation of the Biocorridor. Image courtesy of Presidency of Ecuador. The country’s second swap converted $1.527 billion in debt — specifically global bonds, though authorities did not disclose the creditors — into a $1 billion loan with improved terms, facilitated by Amazon Conservation Designated Activity Company (DAC). The transaction received backing from the Inter-American Development Bank (IDB), Bank of America, the U.S. International Development Finance Corporation (DFC), and The Nature…This article was originally published on Mongabay