17Dec24, "the Government of Daniel Noboa completed the process of exchanging bonds for the conservation of the Amazon, which began on December 3, with the participation of Amazon Conservation DAC, The Nature Conservancy (TNC) and the advice of Bank of America. As a first step, Amazon Conservation DAC issued a bond for $1 billion, with which resources it can buy Ecuadorian securities, which are currently discounted.

The process was carried out with the advice of Bank of America. With that money, Amazon Conservation DAC was able to purchase and retire $1.527 billion in bonds from the market.

Thus, after this process that culminated on December 17, Ecuador must now pay Amazon Conservation DAC $1 billion , and $.527 billion to the bondholders that have already been withdrawn from the market. Hence, the savings for Ecuador from the exchange of this debt would be around $527 million. However, if interest and other financial costs are taken into account , Ecuador's savings in external debt payments will be $816 million by 2035.

This issuance was made possible by the Inter-American Development Bank providing a $155 million guarantee for Amazon Conservation DAC to issue the $1 billion bond on favorable terms. In addition, the International Development Finance Corporation of the United States provided insurance for the operation.

This is the second debt swap that Ecuador has carried out. The first one was carried out in May 2023, during the government of Guillermo Lasso, and was in favor of the Galapagos Islands...." -

https://www.primicias.ec/economia/canje-bonos-amazonia-daniel-noboa-amazon-dac-bofa-85574/?fbclid=IwY2xjawHOjZVleHRuA2FlbQIxMQABHXC3I9bsEPtsaJ3g3bfRNRLD8ID2h2_Uwnv6nXSWgJG8e0M_LDmlQ-_d-w_aem_WpsmPZLUSClyV3sUY6KTPA

Jack Abercrombie, [12/17/2024 12:27 PM]

Looks good on paper💰💵unfortunately, any and all profits proceeds or gains for Ecuador will

be stolen and go to 💸offshore banco accounts,🏦 🥹