The Seychelles have arranged a deal to pay off millions of dollars in debt by protecting the planet’s oceans. The unique solution will see the tiny island nation pouring the money it would have had to pay back to overseas investors into expanding its marine conservation areas.
“Seychelles is clearly breaking new grounds with it,” said the country’s vice president, Vincent Meriton. “It has positioned itself as a world leader in ocean governance and management.”
The deal was arranged by The Nature Conservancy in 2016, but it has taken until now to finalise every detail of it. It will result in the amount of the Seychelles’s total area which is protected growing from less than one per cent to 30 per cent, including over 28,700 square miles in the Aldabra islands and 52,000 square miles around the Admirantes. In return, $22 million will be wiped off the nation’s slate.
“Half of this area will be designated as ‘no-take’ zones to protect fish breeding sites and scientifically identified priority biodiversity areas,” said the Leonardo DiCaprio Foundation, which is one of the major investors in the deal.
The Seychelles is currently in about $406 million of debt, which it defaulted on in 2008. This creative arrangement takes a significant amount of pressure off the fishing and tourism led economy.
Footnote:
Contact Seal Superyachts Seychelles for detailed information about cruising around Seychelles, superyacht charter regulations and about how we can support your visit.
Principle agent Alastair Maiden is proud to have worked with many of the World’s largest Superyachts and has extensive knowledge of Seychelles and the surrounding area.
Alastair Maiden
Phone: +248 251 5051
Email: seychelles@seal-superyachts.com