UPDATE 6-Ecuador frees cash for Galapagos conservation with $1.6 bln bond buyback
Ecuador is set to complete the biggest ever debt-for-nature swap, freeing up cash for conservation of the Galapagos Islands, one of the world's most precious ecosystems, after Credit Suisse bought up three of its bonds. A slump in Ecuador's bond prices triggered by an ongoing political crisis meant the Swiss Bank paid just $644 million for bonds with a face value of $1.6 billion, which will save the country roughly a billion dollars in repayments over 17 years. In return, the government in Quito has committed to spend about $18 million dollars annually for 20 years on conservation in the Galapagos, the remote islands whose unique animal life inspired Charles Darwin's Theory of Evolution.
