Project Ecuador Update: April 2025

In parallel to the largest debt-for-nature swap Oceans Finance Company (OFC) concluded and continues to manage, OFC invested USD 90 million of shareholder capital that delivers an additional USD81 million in impact funding. OFC has made great strides in establishing new partnerships with multiple organisations to deliver‘ Project Ecuador’, a portfolio of projects focused on delivering environmental and socio-economic interventions in coastal areas of three provinces in Ecuador, Galápagos, Manabi and Santa Elena.

The restoration and conservation of ecosystem services do not only benefit the natural environment, but also societies and national economies. Project Ecuador seeks to improve ecosystem function and enhance ecosystem resilience through better conservation, management and restoration, whilst empowering communities by providing them with access to opportunities and resources needed to contribute to and benefit from the improved health of the these eco systems. The project is a clear demonstration of OFC’s objectives to:

• Accelerate the roll out of programs that deliver positive environmental, social and economic impacts.
• Implement finance structures to provide long term funding at scale for these programs.

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Project Workshop

OFC hosted a one-day workshop in the Charles Darwin Research Station in Santa Cruz Island in the Galápagos in early April with 13 organisations or Implementation Partners of current and newly selected projects.  These organisations included representatives from NGOs, academia, the Galápagos National Park and municipalities.

The workshop marks an important step in contributing towards OFC and Project Ecuador’s vision. The various Implementation Partners each introduced their projects encouraging them to identify alignment and synergy opportunities between their projects. They were provided training on OFC’s Environmental and Social Management System (ESMS) and requirements and expectations of them to manage environmental and social risk through the life of their projects to ensure alignment with the International Finance Corporation (IFC) Performance Standards and other good international practise.  

The workshop provided an opportunity for Implementation Partners to deepen their understanding of OFC’s mission values and role in project implementation. Implementation partners were provided with an overview of the Projects funding mechanism.

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About Project Ecuador

All funded projects were selected following a robust community needs assessment undertaken throughout the three provinces. This process identified and prioritized key areas of intervention for sustainable development through nature-based solutions to improving ecosystem services.  Key criteria considered in the selection of projects included potential for gender equality and long-term sustainability of the interventions.

In addition to existing key partnerships under Project Ecuador; Charles Darwin Foundation, I AM WATER and Galapagos Conservation Trust, OFC is proud to also partner with the organisations below to deliver various initiatives:

• Universidad San Francisco de Quito (USFQ):  Tertiary education scholarship programme for students to participate in programmes of study relevant to climate action and conservation at USFQ-Galapagos Campus.
• WildAid Ecuador: Programme of inter-institutional collaboration, capacity building, supply of equipment and awareness campaigns designed to facilitate the effective governance and surveillance of the 8-miles of the coastline in Manabí and Santa Elena.
• Conservation International:
  • Ecogourmet:  A market-based approach to promoting sustainable fisheries in the Galápagos Marine Reserve through policy implementation, collaboration and capacity building, and brokering of purchase agreements with the tourism sector and local markets for sustainably captured fish.
  • Zero Anchors: Pilot programme to explore an anchoring system involving mooring devices to eliminate the use of anchors which in the Galapagos Marine Reserve to protect seafloor habitats.
• Jocotoco Conservation Foundation: Livelihood support and strengthening activities including capacity building, community engagement, mentoring and communication to raise awareness of marine conservation, combat illegal fishing, protect endangered species, and promote sustainable livelihoods and ecosystem stewardship in Seven Protected Areas along the Ecuadorian Coast (MCPAs).
• Ichthion: Installation of waste barriers in a river at Manabí Province to intercept debris entering the ocean as part of the Galapagos Guardians Initiative. Creation of a pollution source map using remote sensing for ongoing monitoring, and training to raise awareness of the effects of harmful waste disposal.
• Biogennia: Strengthening local value chains for artisanal fishermen in Santa Elena Province through agender-based approach.  A sustainable livelihoods initiative involving supporting fishery associations with access to refrigeration technology for improved fish storage; strengthening capacities in the handling and processing of marine species for improved packaging and commercialization, and support for women’s association in the commercialisation of marine products.
• Biogennia: Monitoring and conservation of sea turtle species in Manabí Province. Working with local artisanal fishing communities to reduce harmful fishing impacts and promote conservation and eco-tourism.

Later in 2025, another phase of projects will commence.

We’re excited to see these projects take shape and are confident that, together with our partners, we will drive lasting positive change in marine and coastal conservation and community development in Ecuador and the Galapagos.