“Bank of America to Lead $500 Million Debt Swap for Gabon”
May 12, 2023
“…Banks in Europe and the US are vying to play a role in structuring and arranging new debt-for-nature swaps, deals that yield fees and boost their profile in the sustainable debt market. Developing countries with valuable ecosystems are turning to debt-for-nature swaps as a way to lower their debt burden and, at the same time, meet commitments to protect 30% of their land and sea by 2030…
Gabon has created 20 protected areas covering 26% of its marine waters, or 53,000 square kilometers (20,500 square miles). Those include the largest breeding populations of leatherback and olive ridley turtles, as well as 20 species of whales and dolphins.
The African country has $700 million of debt falling due in 2025 and $1.8 billion due in 2031, according to data compiled by Bloomberg…”
https://finance.yahoo.com/news/bank-america-lead-500-million-073902730.html