Seychelles issues world's first blue bond to fund fisheries projects

Author: Kanis Dursin, IPS, Published on: 12 November 2018

The Republic of Seychelles... 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... [S]ales [of the bond] have so far raised 15 million dollars from three institutional investors: Calvert Impact Capital, Nuveen, and Prudential... A joint statement issued by the Seychelles government and the World Bank said the blue bond is backed by a five million dollar guarantee from the World Bank and a five million dollar concessional loan from the Global Environment Facility (GEF)...

Meanwhile, Pietra Widiadi, Green and Blue Economy Strategic Leader at World Wildlife Fund (WWF) Indonesia, said...“Awareness on the importance of the blue economy is still relatively low in island nations, especially those in the south. For that reason, I think any blue bond project should start with building the capacity of people involved,”... Edo Rakhman, a national coast and ocean campaigner for the Indonesian Forum for Environment or Walhi...stressed that any sustainable fishery and marine project should start with protecting the rights of local fisher communities and mangroves along coastal areas... “Island nations should designate fishing grounds or zones where all forms of extractive activities are prohibited and mangroves protected to ensure the sustainability of fish stock for local fishermen communities,” Edo said.

Read the full post here

Related companies: Nuveen Prudential Financial