Bank of America Corp. has completed a $1 billion deal to refinance part of Ecuador’s debt and help fund the protection of forests, rivers, lakes and wetlands in the Amazon.
The so-called debt-for-nature swap, which marks the second such deal for both BofA and Ecuador, was arranged together with the Nature Conservancy, and is backed by a partial guarantee from the Inter-American Development Bank, and political-risk insurance from the US International Development Finance Corp.
The deal “alleviates the burden of public debt” and “ensures sustainable resources” for the protection of Amazon ecosystems, Juan Carlos Vega, Ecuador’s finance …
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Publish date : 2024-12-17 03:28:00
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