In May 2023, President Guillermo Lasso therefore announced the largest debt-for-nature swap in history. The Ecuadorian state bought back bonds worth $1.63 billion from international bondholders at a discount and exchanged them for a new loan of $656 million to be invested in marine conservation. The government hailed the deal as a “historic agreement” that would help to protect endangered species such as whales and turtles, as well as promote sustainable fisheries and strengthen climate resilience. [...]