STANDARD Chartered Plc in partnership with the World Bank has launched the world’s first sovereign blue bond for the Republic of Seychelles.
The bond raised US$15million from international investors, which will help expand and protect marine areas, improve governance of priority fisheries and develop the Seychelles’ blue economy.
The World Bank assisted in developing the blue bond and reaching out to the three investors: Calvert Impact Capital, Nuveen, and Prudential. Standard Chartered acted as placement agent for the bond.
Speaking about the landmark placement, Simon Cooper, Chief Executive, Corporate, Commercial and Institutional Banking at Standard Chartered, said: “The world’s first sovereign blue bond is a landmark transaction and one in which Standard Chartered is proud to have played a role, in partnership with the World Bank and the Republic of Seychelles. Finding innovative ways to mobilise capital to tackle development issues is a priority for us.”
Daniel Hanna, Global Head of Sustainable Finance and Global Head of Public Sector &Development said: “The Seychelles blue bond will help protect the health of our oceans while developing a blue economy and serves as a powerful example for other countries, highlighting that finance can play a role as an important force for good.”
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According to a statement from Standard Chartered: “The Seychelles blue bond is partially guaranteed by aUS$5 million guarantee from the World Bank and further supported by a US$5million concessional loan from the Global Environment Facility, which will partially cover interest payments for the bond.
Proceeds from the bond will also contribute to the World Bank’s South West Indian Ocean Fisheries Governance and Shared Growth Program, which supports countries in the region to sustainably manage their fisheries resources and increase economic benefits from their fisheries sectors.”
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