Seychelles Issues World’s First Blue Bond to Fund Fisheries Projects
JAKARTA, Oct 31 2018 (IPS) - 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 Oct. 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 news comes ahead of the first-ever global conference on the blue economy, which will be held at the end of November in Kenya.