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☆ Top development banks, funds set up 'debt-for-nature' task force
▼ + stars: | 2023-12-04 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

[1/2] Fishermen go out to sea after Ecuador's goverment expanded the protected marine area around the Galapagos Islands, Ecuador January 24, 2022. REUTERS/Santiago Arcos Acquire Licensing RightsLONDON, Dec 4 (Reuters) - A consortium of top multilateral development banks (MDB) and climate funds launched a global "task force" on Monday to scale up the number and size of 'debt-for-nature' swaps that countries can do. It will initially be led by the Inter-American Development Bank (IDB) and the U.S. International Development Finance Corporation (DFC), lenders which between them have been involved in all the recent swaps, also including Barbados and Gabon. The Asian Development Bank, the African Development Bank, France's Agence Française de Développement, and the European Investment Bank will also be part of the task force, as well as the Green Climate Fund and the Global Environment Facility. Development banks play a particularly important role in debt-for-nature swaps because they provide the credit guarantees and/or political risk insurance that make them viable.

Persons: goverment, Santiago Arcos, Ilan Goldfajn, Scott Nathan, Marc Jones, Kirsten Donovan Organizations: REUTERS, Santiago, Reuters, Inter, American Development Bank, U.S . International Development Finance Corporation, Asian Development Bank, African Development Bank, France's Agence Française, European Investment Bank, Climate Fund, Global, Thomson Locations: Ecuador, Belize, Barbados, Gabon

QUITO/GUAYAQUIL, Oct 15 (Reuters) - Business heir Daniel Noboa on Sunday won Ecuador's presidential election, vowing to rebuild the South American country, which is struggling with a weak economy and rising crime and violence. "From tomorrow Daniel Noboa starts work as your new president," he added. "Daniel Noboa, our profound congratulations, because this is democracy," Gonzalez told supporters in Quito, calling on Noboa to fulfill his promises to students and the elderly. [1/16]Ecuadorian presidential candidate Daniel Noboa and his wife Lavinia Valbonesi celebrate his win in the presidential election, in Santa Elena, Ecuador. Analysts have said a Noboa victory initially could be perceived as positive by investors, but longer-term outlook will depend on his cabinet appointments.

Persons: Daniel Noboa, Noboa, Fernando Villavicencio, Alvaro, Luisa Gonzalez, Gonzalez, Rafael Correa, Lavinia Valbonesi, Santiago Arcos, Eduardo Chavez, Diana Atamaint, Correa, Guillermo Lasso, Alexandra Valencia, Yury Garcia, Tito Correa, Rodrigo Campos, Julia Symmes Cobb, Diane Craft, Bill Berkrot, Deepa Babington, Gerry Doyle Organizations: Sunday, Ecuadorian, Santiago, National Democratic, Thomson Locations: QUITO, GUAYAQUIL, American, Ecuador, Olon, Quito, Santa Elena, Guayaquil, Sucumbios, Nicaragua, Russia, Belarus, Israel, Canuto, New York

☆ Ecuador youth choosing gangs as route out of poverty, UN expert says
▼ + stars: | 2023-09-08 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

Lawlessness has soared across Ecuador since the coronavirus pandemic, something outgoing President Guillermo Lasso blames on disputes related to drug trafficking and common crime. Some 27% of Ecuadoreans live in poverty, while 10.8% live in extreme poverty on a national level, according to the government's statistics office. Olivier De Schutter, the United Nations special rapporteur on extreme poverty and human rights, said impoverished youth were easy picking for gangs looking to recruit new members. Lasso, who brought forward elections to avoid impeachment, has repeatedly declared states of emergency in answer to outbreaks of violence. "We need a social Bukele, one that takes seriously the links between poverty and the rise in violence," he added.

Persons: Guillermo Lasso, Santiago Arcos, Ecuadoreans, Olivier De Schutter, De Schutter, Lasso, Nayib Bukele, Luisa Gonzalez, Rafael Correa, Daniel Noboa, Alexandra Valencia, Oliver Griffin, Bill Berkrot Organizations: REUTERS, Rights, UN, United Nations, Central American, Thomson Locations: Guayaquil, Ecuador, Santiago, Rights QUITO, U.S, El Salvador

☆ Ecuador launches debt buyback plan aimed at Galapagos protection
▼ + stars: | 2023-04-26 | by ( Marc Jones | ) www.reuters.com time to read: +1 min

[1/4] A pelican is seen on Santa Cruz Island, part of the Galapagos Islands, Ecuador. REUTERS/Santiago ArcosLONDON, April 26 (Reuters) - Ecuador has launched a long-awaited debt buyback plan that will free up money to protect its Galapagos Islands, one of the world's most precious ecosystems and the inspiration for Charles Darwin's Theory of Evolution. "The Offeror is making the Offer... as part of a broader refinancing operation to channel savings and promote certain conservation and sustainability efforts," the buyback plan said. The operation is private, the country's finance ministry said in a message to journalists, and cannot be discussed. Reporting by Marc Jones; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: Why are Ecuador lawmakers trying to impeach President Lasso?
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +3 min

[1/3] Ecuadorean President Guillermo Lasso participates in an interview at Carondelet Palace, in Quito, Ecuador April 26, 2022. REUTERS/Santiago Arcos/File PhotoQUITO, April 24 (Reuters) - Ecuadorean opposition lawmakers and President Guillermo Lasso - or his lawyer - are scheduled to testify this week in impeachment hearings that could see the conservative former banker censured and removed from office. Lasso has denied the charges, pointing out the contract was signed in 2018, three years before he took office. Estupinan is a key witness for opposition lawmakers, who say the former manager claims to have warned Lasso about contract irregularities allegedly committed by Luque, but got no response. Lawmakers from the Revolucion Ciudadana party of former President Rafael Correa, fierce opponents of Lasso, have pledged to cast their 47 votes for removal.

☆ Two dead in gang violence at Ecuador prison after inmate transfers
▼ + stars: | 2022-11-02 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

[1/5] Soldiers guard a gate after several inmates were killed in fights between gangs, in Guayaquil, Ecuador November 2, 2022. REUTERS/Santiago ArcosQUITO, Nov 2 (Reuters) - Fighting between gangs at Ecuador's most violent prison has killed at least two people, prisons agency SNAI said on Wednesday, on the heels of attacks against police over prisoner transfers. The transfers are an attempt to reduce overcrowding and improve conditions for inmates, SNAI has said. Lasso has repeatedly accused drug gangs of using violence - including inside prisons - to retaliate against his government's efforts to combat them. Ecuador's prison system has faced structural problems for decades, but jail violence has soared since late 2020, killing at least 400 people and terrorizing inmates' families.

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