Seychelles Issues World's First Blue Bond to Fund Fisheries Projects

Oct 31, 2018 | IPS: All Africa

The Republic of Seychelles announced on Monday that it has issued a 10-year blue bond to finance fisheries projects, making it the world's first country to utilize capital markets for funding the sustainable use of marine resources.

The Republic of Seychelles announced on Monday that it has issued a 10-year blue bond to finance fisheries projects, making it the world's first country to utilise capital markets for funding the sustainable use of marine resources. Seychelles Vice President Vincent Meriton told IPS that the bond was officially issued October 9 and that its sales have so far raised 15 million dollars from three institutional investors: Calvert Impact Capital, Nuveen, and Prudential.

"At least 12 million dollars of the proceeds will be allocated for low-interest loans and grants to local fishermen communities, while the remainder will finance research on sustainable fisheries projects," Meriton told IPS in a telephone interview on Sunday. The Seychelles' blue bond will likely be a mechanism of great interest to participants.

"We are honoured to be the first nation to pioneer such a novel financing instrument," Meriton said when announcing the bond on the first day of the Our Ocean Conference in Nusa Dua, Bali, a one-hour flight east of the Indonesian capital Jakarta."

The blue bond, which is part of an initiative that combines public and private investment to mobilise resources for empowering local communities and businesses, will greatly assist Seychelles in achieving a transition to sustainable fisheries and safeguarding our oceans while we sustainably develop our blue economy," Meriton continued. Read more from All Africa.

 

Source: All Africa