Seychelles plans $15 million ‘blue bond’ to develop marine fisheries

By Susanna Moon

Chicago, Oct. 29 – The Republic of Seychelles has launched a $15 million sovereign “blue bond,” designed to support sustainable marine and fisheries projects.

International Bank for Reconstruction and Development, or World Bank, helped develop the bond and reached out to the investors, which are Calvert Impact Capital, Nuveen and Prudential, according to an announcement by the bank.

Standard Chartered was the placement agent.

Proceeds will be used to support expansion of marine protected areas, improved governance of priority fisheries and the development of the Seychelles’ blue economy.

The Seychelles bond is partially guaranteed by a $5 million guarantee from the World Bank and further supported by a $5 million concessional loan from the Global Environment Facility, which will partially cover interest payments for the bond.

Proceeds will also go to the World Bank’s South West Indian Ocean Fisheries Governance and Shared Growth Program, which supports countries in the region to sustainably manage their fisheries and increase economic benefits from their fisheries sectors.

“The Seychelles blue bond is a significant milestone in our long-standing support for ocean conservation, and the GEF is proud to invest in developing national blue economies that protect the rich marine ecosystem while supporting economic growth, improved livelihoods and jobs,” Naoko Ishii, chief executive officer and chairperson of the Global Environment Facility, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.