Sunday, February 25, 2018

Seychelles protects an area 'as big as Britain' in Indian Ocean

The Cayman Islands could benefit from a similar initiative as has been implemented in the Seychelles

This is understood to be the first debt swap designed to protect ocean areas in the world.

The Seychelles government agreed the debt swap with the Nature Conservancy, a US charity, and a number of investors back in 2016.
Under the terms of the $21m (£15m) deal, the charity and the investors - including the Leonardo DiCaprio Foundation - paid for a portion of the Seychelles national debt.
The country will then direct future national debt payments into a new trust, the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT).
This trust will offer lower interest rates on debt repayments, and any savings will go to fund new projects designed to protect marine life and handle the effects of climate change.

"This is a critical accomplishment in our mission to bring conservation to scale across the globe," said Nature Conservancy CEO Mark Tercek.

"What you see today in Seychelles is what we expect to introduce in the Caribbean and other ocean regions facing the threats of climate change." Read More

#caribbean #cayman #sids #islands