Sharing Success Stories to Inspire Change Blue Economy
agreement. The creation of this trust, facilitated by the TNC, is still on-going.
Paris Club has also offered an additional five per cent debt forgiveness on the original loan.
As part of this debt swap, the government has committed to a Marine Spatial Planning (MSP) Initiative, expanding Marine Protected Areas (MPAs) to cover 30 per cent of the EEZ (400 000 km 2 ), with 15 per cent designated as no-take areas.
The debt will be transferred to the locally- managed Seychelles Conservation and Climate Adaptation Trust, which will purchase and restructure the debt, manage the endowment and enforce the terms of the debt forgiveness
The Seychelles Minister of Finance, Trade and the Blue Economy, Jean Paul Adam, signs the agreement to swap USD 30 million of existing Paris Club debt for a fund to conserve Seychelles’ oceans and protect them against overfishing and climate change (Ministry of Finance, Trade and Blue Economy)