Funds will be used to strengthen the island nation’s management of its fisheries and marine resources.
It is the first World Bank project in the Seychelles in 30 years. The financing includes a $5 million credit from the Global Environment Facility and €5 million ($5.9 million) from the International Bank for Reconstruction and Development.
The Seychelles is tapping innovative financing to meet its goal to protect 30% of its coastal economic zone by 2020. Last year, it partnered with The Nature Conservancy in a “debt-for-nature swap” that restructured $21.6 million of the country’s sovereign debt to create a protected marine area and fund climate adaptation efforts.