• Seychelles has raised 15 million dollars by offering the world’s first ‘Blue Bond,’ raised from investors to finance ocean-based projects.
• It has to expand its marine protected areas and boost its fisheries sector.
• The Indian Ocean group of islands’ economy is dependent on the ocean and on fisheries for food, nutrition and livelihoods, marine habitats, and other blue economy sectors like tourism.
All about the world’s first blue bond
• The 10-year bond was sold directly to three social impact investors based in the United States; Calvert Impact Capital, Nuveen, and Prudential, through Standard Chartered which served as the placement agent the World Bank, which supported the issuance.
• It was officially issued on October 9, ahead of the first-ever global conference on the blue economy, which will be held at the end of November in Kenya.
Mains Paper 3: Economy | Mobilization of resources
Prelims level: Blue Bonds
Mains level: Viability of such Blue Bonds for India