29 October 2018
The Republic of Seychelles has launched the world’s first sovereign blue bond—a pioneering financial instrument designed to support sustainable marine and fisheries projects. The bond, which raised US$15 million from international investors, demonstrates the potential for countries to harness capital markets for financing the sustainable use of marine resources.
A World Bank team comprising experts from its Treasury, Legal, Environmental, and Finance groups worked with investors, structured the blue bond, and assisted the Government in setting up a platform for channeling its proceeds. Proceeds from the bond will include support for the expansion of marine protected areas, improved governance of priority fisheries, and the development of the Seychelles’ blue economy.
Washington D.C. partner Paul Hunt led the Latham team that advised the World Bank in the transaction, with Washington D.C. associate Carlos Ardila and New York associate Aaron Franklin.