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'Blue bonds', a new initiative to develop fisheries in Seychelles


Tuesday, 09 February 2016

'Blue bonds', a new initiative to develop fisheries in Seychelles

The Government of Seychelles plans to launch this year the so called "blue bonds" with the purpose of raising funds to implement a transforming management programme for demersal fisheries in the Pacific island nation. As part of a strategy aiming at a sustainable Blue Economy, this latest initiative involves the issuing ten-year sovereign bonds guaranteed by Government and supported by international financial institutions, with the fund implementation being specifically defined to save energy, curb pollution and recycle resources. The country’s Treasury is in talks with multilateral agencies including the African Development Bank and the World Bank to facilitate the sale of USD10 million of the government-backed debt, Bloomberg informed. This measure seeks to make up for the losses after higher oil prices and a drop in tourism earnings reduced government revenue. The country’s Finance Minister Jean-Paul Adam said, “The sale of the blue bonds will be linked to a fisheries-management plan to develop the country’s semi-industrial and artisanal fishing sectors.

Source: fis.com