Seychelles launches $15 million ‘blue bond’ to support marine projects

Seychelles on Monday launched the world’s first sovereign blue bond, a financial instrument designed to support sustainable marine and fisheries projects, said a communiqué from the World Bank Group.

The blue bond, valued at $15 million over 10 years with guarantees from the World Bank and the Global Environment Facility, is to support the Seychelles’ transition to sustainable fisheries. As one of the world’s biodiversity hotspots, Seychelles with an Exclusive Economic Zone of 1.4 million square kilometres, is balancing the need to both develop economically and protect its natural endowment.

Speaking at the launching of the bond at the ‘Our Ocean’ conference in Bali, Indonesia, the Vice President, Vincent Meriton said that Seychelles is honoured to be the first nation to pioneer such a novel financing instrument.

Source: Seychelles News Agency