In the world's largest debt-for-nature swap to date, Ecuador will wipe out some $1 billion in interest payments in exchange for boosting protection of the waters around the Galápagos Islands, one of the world's most biodiverse marine regions. Funding will focus on managing the newly established Hermandad Marine Reserve, existing Galápagos Marine Reserve, and sustainable fishing and climate resilience efforts, and finance an endowment to generate ongoing funding for marine conservation in the Galápagos Islands. The Hermandad Marine Reserve protects a migratory corridor used by sharks, whales, manta rays and other species traveling between the Galápagos Islands and Cocos Island of Costa Rica.

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