The government of Seychelles plans to issue a blue bond valued at $15 million over 10 years with guarantees from the World Bank and the Global Environment Facility to support the transition to sustainable fisheries.
The Seychelles blue bond project, which was one of three projects selected to be presented at The Economist World Ocean Summit held in Bali from February 22 to February 24, has been awarded with the 2017 Ocean Innovation Challenge.
With tourism and fishing the main economic sectors, Seychelles’ large ocean provides most of the island nation’s jobs. Maximizing the full potential of Seychelles’ ocean territory is central to its blue economy agenda. Seychelles’ blue economy initiatives focus on economic diversification, food security and the protection and sustainable use of marine resources.
Bonds are financial instruments to raise public and private capital for specific activities which can generate a return on investment. Blue bonds often fund the development of sustainable fisheries.
The Seychelles archipelago in the western Indian Ocean has an exclusive economic zone covering 1.3 million square kilometres. The island nation’s economy depends heavily on tourism and fishing, two industries reliant on the Seychelles’ abundant ocean resources.
2017 AllAfrica