Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Debt-for-nature swap · Ecuador · 2023–2026

Ecuador's 2024 Amazon debt-for-nature conversion and the Amazon Biocorridor Program

Nature's voice · report
Reuters: accepted 10 December 2024 out of US$7.6 billion tendered; Mongabay gives US$1.527 billion 1.53 billion US dollars were converted from debt in my name. No one has measured what reached me.
Did nature suffer? Not measured. Accounts differ ↓
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 3 none on record · 2 not measured · 6 disputed · 3 unclear See the gaps
Accounts of the harm differ
Whether Indigenous peoples took part in designing the Biocorridor
  • Company or project BCA website and TNC: The biocorridor was developed in collaboration with CONFENIAE; Indigenous Peoples and Nationalities are co-designing conservation efforts. Mongabay
  • Communities and civil society CONFENIAE leaders and Pakkiru: They were not meaningfully involved; no free, prior and informed consultation took place; an agreement was signed in mid-2023 in haste by outgoing leaders. Mongabay
  • Government and regulators Ministry of Environment (MAATE): Did not respond to Mongabay's request for information. Mongabay Latam

Ecuador bought back about US$1.53 billion of its international bonds in December 2024 using a new US$1 billion borrowing backed by US$1 billion of US political risk insurance; the government, The Nature Conservancy and the US development finance agency state that the transaction funds an Amazon Biocorridor Program with about US$460 million over 17 years. Indigenous leaders disputed that they were consulted, the finance ministry said US$400 million of the conservation money comes from a commission Ecuador pays on the new debt, and no independent evaluation of conservation results was found.

about US$1.53 billionEcuador bonds taken up in the December 2024 Amazon debt conversion
Accepted for repurchase on 10 December 2024 according to a stock-exchange filing reported by Reuters; investors had tendered US$7.6 billion. The finance ministry, TNC and DFC give the figure as approximately or roughly US$1.53 billion; Mongabay gives US$1.527 billion.

Status As of 2026: the Fondo BCA is operating and has a first grant call under evaluation with 51 full proposals; no outcome measurement or audit report is on record.

What?
A commercial debt-for-nature conversion in which Ecuador took up about US$1.53 billion of its international bonds and committed about US$460 million over 17 years to an Amazon Biocorridor Program. Ministerio de Economía y Finanzas del Ecuador
Where?
The Ecuadorian Amazon (six provinces): 4.6 million hectares of protected areas, 1.8 million additional hectares and 18,000 km of rivers. Global Green Growth Institute
When?
Biocorridor decree 5 September 2023; bond tender 3–10 December 2024; announced 17 December 2024; payments for 17 years. Reuters via MarketScreener
Who?
Gained
  • Government of Ecuador — Debt service reduced by more than USD 800 million by 2035 according to the finance ministry; debt stock down USD 527 million per Reuters Ministerio de Economía y Finanzas del Ecuador
  • Bondholders who tendered — US$1.53 billion of bonds accepted for repurchase out of US$7.6 billion tendered Reuters via MarketScreener
  • The Nature Conservancy — Technical support funded from the annual US$19 million; Mongabay reported about US$2.85 million a year to administer the fund Mongabay
Lost
  • Indigenous organisations — CONFENIAE leaders say they were not meaningfully consulted on the corridor or the swap Mongabay
Harmed
None on record
Why?
The government states it links public finances to conservation; the biodiversity-finance partners present it as the largest conservation sum raised in a debt conversion. Global Green Growth Institute
How?
Ecuador's bonds were bought back using new borrowing insured by DFC and guaranteed by the IDB; a commission on the new debt funds a conservation trust that grants money. Mongabay
6 of 6 questions answered from the record

What happened

The record, in order.

Ecuador's second debt-for-nature transaction, after the 2023 Galápagos conversion, was announced on 17 December 2024 in Quito. According to the Ministry of Economy and Finance (19 December 2024), it refinanced approximately USD 1.53 billion of global bonds "through a USD 1 billion loan with improved terms, reducing debt service by more than USD 800 million by 2035". Reuters, citing a stock-exchange filing, reported that Ecuador's tender offer opened on 3 December, investors tendered US$7.6 billion of bonds and the government accepted US$1.53 billion on 10 December; the new debt was a US$1 billion bond maturing in 2042 with a coupon of 6.034%, arranged by Bank of America. Other sources describe the new debt as a US$1 billion loan from Amazon Conservation DAC, a special purpose entity. The US International Development Finance Corporation (DFC) provided US$1 billion in political risk insurance and the Inter-American Development Bank (IDB) a US$155 million partial credit liquidity guarantee; The Nature Conservancy (TNC) supported the structure and Bank of America acted as arranger. The DFC's project page, compiled by the Early Warning System, lists the investment amount as US$1,000 million and a voting date of 24 December 2024.

The government, TNC and DFC state that the transaction secures about US$460 million for the Amazon Biocorridor Program (BCA) over 17 years: US$400 million paid at US$23.5 million a year, of which US$19 million a year funds the programme (including TNC's technical support) and US$4.5 million a year capitalises an endowment projected to earn about US$60 million, with a projected end value of US$137 million by 2041, according to TNC. The stated conservation commitments are to improve management of 4.6 million hectares of existing protected areas, to protect 1.8 million additional hectares of forests and wetlands and to protect 18,000 kilometres of rivers. Funds are to be paid as grants by the Fondo del Biocorredor Amazónico (Fondo BCA), a new independent conservation trust fund with a local board and annual public reports including independent audits, according to TNC. The Biocorridor was established by executive decree on 5 September 2023, according to Mongabay.

The money and the savings are described differently. Mongabay reported that the institutions said US$400 million would be "generated" for the fund and that media reported it would come from the swap's savings; the finance ministry told Mongabay that it comes from a commission Ecuador pays as part of servicing the new debt and is additional to the savings. The government projects savings of US$527 million plus avoided interest according to Mongabay; Reuters wrote that the debt stock falls by US$527 million and net fiscal savings reach US$800 million by 2035. Mongabay reported that of the US$19 million annual budget 40% goes to government-led projects, 45% to civil society and up to 15% to administration, and that TNC would receive about US$2.85 million a year for 17 years to administer the fund; TNC's release says only that TNC's technical support is funded from the annual US$19 million.

Indigenous leaders disputed the process. Mongabay (February 2025) reported that the BCA website says the biocorridor was developed with the Confederation of Indigenous Nationalities of the Ecuadorian Amazon (CONFENIAE), while CONFENIAE leaders said they were not meaningfully involved; an unnamed CONFENIAE leader said the free, prior and informed consultation required by Ecuador's Constitution was not carried out, and a Kichwa leader said her organisation knew nothing of the corridor. TNC's Ecuador director said defining new conservation areas could significantly curb illegal mining and that Yasuní's management funding "barely reaches half of what is needed". Mongabay reported that neither the INABIO biodiversity report nor the socio-economic study had been published on the fund's website. The Centre for Economic and Social Rights (CDES) said it would request financial transparency. The Fondo BCA website, read in 2026, shows the first grant call under evaluation with 51 full proposals under review, 18 of them from Indigenous organisations, and carries no amounts for the fund or the calls.

  1. 2023Biocorridor established by executive decree (5 September), under President Lasso; the Galápagos swap had been announced in May 2023
  2. 2024Tender opened 3 December; US$1.53 billion of bonds accepted 10 December; transaction announced 17 December with DFC political risk insurance and an IDB guarantee; DFC voting date 24 December
  3. 2025Mongabay (January and February) reports Indigenous objections and the ministry's clarification that US$400 million comes from a commission; first half planned for building the fund's team and board
  4. 2026Fondo BCA website: first call under evaluation, 51 full proposals under review

What was said

Claims, in the words of those who made them.

“reaffirms its commitment to conserving the Amazon region”

Juan Carlos Vega, Ecuador's Minister of Economy and Finance, as quoted by TNC · December 2024 · The Nature Conservancy

“The Amazon Biocorridor Program will help protect one of the most biodiverse regions on the planet”

“It has been a year of challenges, but this is the right thing to do for the environment, the planet, and future generations. We had to make it work”

“This is refinancing done right.”

“We must stop being mere subjects of consultation. We must be part of the decision-making process.”

Diana Chávez, Pakkiru (Kichwa nationality of Pastaza) · February 2025 · Mongabay

“By defining new conservation areas, illegal mining can be significantly curbed”

Galo Medina, TNC Ecuador, as quoted by Mongabay · February 2025 · Mongabay

“We will formally request financial transparency.”

Eva Martínez, Center for Economic and Social Rights (CDES) · February 2025 · Mongabay

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Where the USD 400 million for the conservation fund comes from
Company or project
Institutions involved in the transaction

Said USD 400 million would be generated for the BCA fund.

Mongabay
Press and investigations
Media reports cited by Mongabay

Reported the money would come from the swap's savings.

Mongabay
Government and regulators
Ministry of Economy and Finance

The money comes from a commission Ecuador pays as part of servicing the new debt, in addition to the savings.

Mongabay
Whether Indigenous peoples took part in designing the Biocorridor
Company or project
BCA website and TNC

The biocorridor was developed in collaboration with CONFENIAE; Indigenous Peoples and Nationalities are co-designing conservation efforts.

Mongabay
Communities and civil society
CONFENIAE leaders and Pakkiru

They were not meaningfully involved; no free, prior and informed consultation took place; an agreement was signed in mid-2023 in haste by outgoing leaders.

Mongabay
Government and regulators
Ministry of Environment (MAATE)

Did not respond to Mongabay's request for information.

Mongabay Latam
Size of the fiscal benefit
Government and regulators
Ministry of Economy and Finance

Debt service reduced by more than USD 800 million by 2035.

Ministerio de Economía y Finanzas del Ecuador
Press and investigations
Mongabay

The government projects USD 527 million in savings plus avoided interest.

Mongabay
Press and investigations
Reuters

Debt stock falls by USD 527 million and net fiscal savings reach USD 800 million by 2035.

Reuters via MarketScreener

How it looked

What was shown, beside what was recorded.

Shown

  • The transaction presented as "the largest sum ever raised in such financial transactions" for conservation, about USD 460 million.
    Ecuador's Ministry of Economy and Finance · Ministerio de Economía y Finanzas del Ecuador
  • The Biocorridor described as developed in collaboration with CONFENIAE and Indigenous Peoples and Nationalities described as co-designing conservation efforts.
    BCA website and TNC release · Mongabay
  • The transaction presented as the first debt conversion dedicated to terrestrial and freshwater conservation in the Ecuadorian Amazon.
    GGGI, TNC and the finance ministry · Global Green Growth Institute

Recorded

  • Reuters recorded that investors tendered US$7.6 billion of Ecuador's bonds, US$1.53 billion was accepted on 10 December 2024, and the new US$1 billion bond carries a 6.034% coupon and matures in 2042.
    Reuters via MarketScreener
  • The finance ministry told Mongabay that the US$400 million for the BCA fund comes from a commission Ecuador pays on the new debt and is additional to the savings.
    Mongabay
  • Mongabay recorded that neither the INABIO report nor the socio-economic study had been published on the fund's website in February 2025.
    Mongabay
  • The Fondo BCA website records the first call as under evaluation, with 51 full proposals under review.
    Fondo del Biocorredor Amazónico
  • No independent measurement of conservation results, and no audit report of the fund, appears in the sources reviewed.

In nature's name

What was promised in nature's name, the money that moved, and what was measured.

Promised

  • “reaffirms its commitment to conserving the Amazon region” — Juan Carlos Vega, Ecuador's Minister of Economy and Finance, as quoted by TNC (December 2024) The Nature Conservancy
  • “The Amazon Biocorridor Program will help protect one of the most biodiverse regions on the planet” — Galo Medina, Director of TNC's Ecuador program (December 2024) The Nature Conservancy

Money moved in nature's name

WhatKindAmountPeriod
Ecuador's international bonds accepted for repurchase in the conversion
Government of Ecuador
Reuters via MarketScreener		Debt converted$1.5bnDecember 2024
New borrowing (bond or loan) used to fund the conversion
Amazon Conservation DAC / Government of Ecuador
Reuters via MarketScreener		Raised$1bn2024–2042
Conservation funding for the Amazon Biocorridor Program, total over 17 years
Amazon Conservation DAC / Fondo BCA
US International Development Finance Corporation		Pledged$460m2024–2041
Annual payment to the conservation fund
Amazon Conservation DAC
The Nature Conservancy		Pledged$24m2025–2041
DFC political risk insurance
US International Development Finance Corporation
US International Development Finance Corporation		Pledged$1bn2024
IDB partial credit liquidity guarantee
Inter-American Development Bank
The Nature Conservancy		Pledged$155m2024
Reported annual administration payment to TNC
The Nature Conservancy
Mongabay		Fees$2.85m2025–2041

What was measured

Not measured

The sources reviewed contain only stated targets (4.6 million hectares of protected-area management, 1.8 million additional hectares, 18,000 km of rivers) and no independent measurement of forest, river or species outcomes. The fund began calling for proposals in 2025–2026. The fiscal figures and conservation commitments are those of the government, TNC and DFC and are not independent measurements.

Existing protected areas with improved management (target)
4.6 million ha
Stated commitment; not measured Global Green Growth Institute
Additional forests and wetlands protected (target)
1.8 million ha
Stated commitment; not measured Global Green Growth Institute
Rivers protected (target)
18,000 km
Stated commitment; not measured Global Green Growth Institute

Operation Ongoing · Fund established; first grant call under evaluation. Fondo del Biocorredor Amazónico

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
Currency: USD · Window: 2024–2041. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • Ministry of Economy and Finance (Ecuador) (19 December 2024; early 2025): Described the operation as "the first debt conversion dedicated to terrestrial and freshwater conservation in the Ecuadorian Amazon" that refinanced approximately USD 1.53 billion; told Mongabay that the USD 400 million comes from a commission Ecuador pays on the new debt. · Ministerio de Economía y Finanzas del Ecuador
  • The Nature Conservancy (December 2024; February 2025): Announced the conversion as the sixth project of its Nature Bonds Program; its Ecuador director said defining new conservation areas could significantly curb illegal mining and that Yasuní's management funding "barely reaches half of what is needed". · The Nature Conservancy
  • US International Development Finance Corporation (17 December 2024): Announced USD 1 billion in political risk insurance, describing the conversion as Ecuador's first for the Amazon region. · US International Development Finance Corporation
  • Ministry of Environment, Water and Ecological Transition (MAATE) (early 2025): Did not respond when Mongabay asked for information about the Biocorridor Program. · Mongabay Latam
  • CONFENIAE leaders (January–February 2025): Dispute that the corridor was co-designed with them and say the free, prior and informed consultation required by the Constitution was not carried out. · Mongabay

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

No court case on record. No court has ruled on this case.

Insurers

  1. 2024No policy found$1bn political risk insurance coverage
    US International Development Finance Corporation (DFC) → Amazon Conservation DAC (new borrowing for Ecuador)

    DFC announced US$1 billion in political risk insurance for the new financing on 17 December 2024; its project page lists status active, investment amount US$1,000 million and a voting date of 24 December 2024. No claim is recorded. US International Development Finance Corporation

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Existing protected areas with improved management (target)
4.6 million ha
Stated commitment of the Biocorridor Program; no measurement
Additional forests and wetlands protected (target)
1.8 million ha
Stated commitment; no measurement
Rivers protected (target)
18,000 km
Stated commitment; no measurement
Western Amazon deforestation outside Indigenous lands and protected areas, 2017–2021
74.8%
MAAP data cited by Mongabay; forest loss within Indigenous territories was 15.6%

What we don't know

Undisclosed, unproven, untried: recorded as data.
Benefit not measuredNo independent ecological evaluationKey earnings undisclosed

Nature

  • Not measured Harm to nature: No independent ecological evaluation is on record.
  • Disputed Whether Indigenous peoples took part in designing the Biocorridor

Insurers

  • Unclear US International Development Finance Corporation (DFC): no decision on record.

Accounts

  • Disputed Where the USD 400 million for the conservation fund comes from
  • Disputed Size of the fiscal benefit
  • None on record Ministry of Environment (MAATE): Did not respond to Mongabay's request for information.

Record

  • Not measured Not measured: forest, river or species outcomes of the Biocorridor Program; the sources reviewed contain only stated targets (4.6 million, 1.8 million hectares and 18,000 km of rivers).
  • None on record None on record: an independent evaluation or audit of the transaction or the fund; the fund says it will publish annual reports with independent audits.
  • None on record None on record: the total transaction and advisers' fees; the releases of TNC, DFC, GGGI and the finance ministry give none, and the only fee-type figure in the sources is Mongabay's about US$2.85 million a year for TNC.
  • Disputed Disputed: where the US$400 million comes from. Media reported it would come from the swap's savings; the finance ministry told Mongabay it comes from a commission Ecuador pays on the new debt, additional to the savings.
  • Disputed Disputed: the form of the new borrowing. Reuters reported a US$1 billion bond maturing 2042 at 6.034%; the finance ministry, GGGI and Mongabay call it a US$1 billion loan on improved terms.
  • Disputed Disputed: Indigenous participation. The BCA website and TNC describe co-design with Indigenous Peoples and CONFENIAE; CONFENIAE leaders and a Kichwa leader say they were not meaningfully involved.
  • Unclear Unclear: the announcement date. DFC and Reuters give 17 December 2024; TNC's page is dated 15 December 2024; the finance ministry release is dated 19 December 2024.
  • Unclear Unclear: the savings. The finance ministry and TNC give more than US$800 million by 2035 (debt service or net fiscal savings); Mongabay and Reuters give US$527 million as savings or debt-stock reduction.

Did the harm stop?

The sources reviewed do not report forest outcomes. They report stated targets only and MAAP data, cited by Mongabay, that 74.8% of western Amazon deforestation in 2017–2021 occurred outside Indigenous lands and protected areas.

Who paid?

Ecuador services the new US$1 billion borrowing, from which a commission of about US$23.5 million a year for 17 years is paid into the conservation fund according to the finance ministry's account to Mongabay; DFC (US$1 billion political risk insurance) and the IDB (US$155 million guarantee) back the borrowing.

Sources

Voices on record: ✓ Company or project✓ Government and regulators— Courts✓ Press and investigations✓ Communities and civil society— Researchers✓ International bodies

Company or project

  1. Fondo del Biocorredor Amazónico (Fondo BCA)
    Fondo del Biocorredor Amazónico · undated

Government and regulators

Press and investigations

Communities and civil society

International bodies

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.
Terms used on this page

Carbon and conservation finance

Debt-for-nature swap
A deal in which a government's debt is bought back or refinanced at a discount, and part of the savings is committed to conservation.
Endowment
A fund invested to produce long-term income, from which spending is drawn.

Insurance

Political-risk insurance
Insurance that protects lenders and investors against losses caused by government actions, such as a state failing to pay.

Places and local terms

Conservancy (Kenya)
In Kenya, land managed by a community or private owners for wildlife alongside grazing, often with outside partners.
Kichwa
An indigenous people of the Peruvian and Ecuadorian Amazon.

Institutions

DFC
The US International Development Finance Corporation, a government agency that lends to and insures private projects abroad.
IDB
The Inter-American Development Bank.

Science and environment

Hectare (ha)
A unit of area equal to 10,000 square metres, about 2.5 acres. 100 hectares make one square kilometre.
Wetland
Land that is saturated or covered with water for long periods, such as marshes, swamps and peat bogs.

Bonds and banking

Arranger
The bank that structures and sells a bond or loan deal, usually for a fee.
Coupon
The interest rate a bond pays its investors each year.
Guarantee
A commitment by a third party, often a development bank, to pay if the borrower does not.

Law and courts

Arbitration
A private dispute process in which an appointed arbitrator, instead of a court, decides the case.
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