Seychelles swaps debt for groundbreaking marine protection

  • Feb. 22, 2018 11:40 a.m.

CURIEUSE ISLAND, Seychelles — With deep blue waters, white sand beaches and rich marine life, the tiny island nation of the Seychelles is announcing a pioneering marine conservation plan as part of a debt swap deal with creditors.

In an agreement described as the first of its kind, the Indian Ocean nation is designating nearly a third of its waters as protected areas, aiming to ensure the longevity of its unique biodiversity.

The archipelago’s 115 islands have been isolated by continental land masses for millions of years. The Aldabra atoll, a UNESCO World Heritage Site, is home to the world’s largest population of giant tortoises as well as critically endangered sea cows. It is spawning grounds for a number of rare species.

The government on Wednesday signed a bill restricting nearly all human activity in the waters around Aldabra and overall setting aside more than 210,000 square kilometres (81,081 sq. miles) as protected areas. One part will ban all extractive uses such as fishing and petroleum exploration; the rest will be restricted to sustainable practices. The plan will be completed by 2021.

“A great honour and privilege,” the country’s environment minister, Didier Dogley, said at the signing.

The deal with the country’s creditors was brokered by U.S.-based The Nature Conservancy and involved a $1 million grant by the foundation of actor Leonardo DiCaprio.

At the height of its debt crisis in the late 2000s, the Seychelles was one of the world’s top debt-ridden countries. Its sovereign debt peaked at nearly $1 billion, according to the World Bank. Today the debt stands at less than half of that, according to the finance ministry.

The deal allows for a certain amount of money to be repaid into a trust fund to support conservation-related projects, organizers said.

While welcoming the deal, the CEO of the Seychelles National Parks Authority warned that certain threats to the Seychelles remain beyond control. “Like climate, for example” with rising water temperatures, Flavien Joubert said.

The new agreement has worried some who say their livelihoods will be severely restricted.

“If you protect everywhere, where (will) we go fishing?” Elvis Simon Dingwall said. He echoed others who said they have to bear the brunt of the government’s past economic failures.

The head of the Seychelles’ state-owned oil and gas exploration entity, Patrick Joseph, said Petro Seychelles initially was resistant to the plan but now is cautiously optimistic.

“Provided this is done properly, we choose the right companies and we do a proper impact assessment before we drill, I feel like the country will definitely benefit from oil and gas resources,” Joseph said.

The Seychellois government is already benefiting from the confidence the deal has inspired in its creditors, with a separate bond deal now being finalized with the World Bank to help finance a transition to sustainable fisheries.

“The Seychelles is leading the way in terms of how it is going to manage its ocean territory … in a sustainable fashion,” said Benoit Bosquet, the World Bank’s practice manager for environment and natural resources.

Just Posted

Alberta hiring more paramedics and buying new ambulances, none for Red Deer

Red Deer Mayor Tara Veer is not concerned the provincial government didn’t… Continue reading

‘My nightmare began again’: Close call as bus carrying Humboldt crash survivor rear-ended

CALGARY — A terrifying ordeal for Humboldt Broncos survivor Ryan Straschnitzki this… Continue reading

Halifax airport operations normalize after Boeing 747 runway overshoot

HALIFAX — The Halifax Stanfield International Airport has resumed normal operations a… Continue reading

Bentley family left without a home grateful for community support

Central Albertans are coming together to support a Bentley family left homeless… Continue reading

Red Deer RCMP ready for new mandatory alcohol screening law

Red Deer RCMP are ready to enforce a new law intended to… Continue reading

WATCH: Red Deer and District Kennel Club Dog Show at Westerner Park

The Red Deer and District Kennel Club is holding a dog show… Continue reading

Pence aide out of running to be Trump’s next chief of staff

WASHINGTON — President Donald Trump’s top pick to replace chief of staff… Continue reading

Swath of South faces wintry mess: Snow, sleet, freezing rain

CHARLOTTE, N.C. — A massive storm brought snow, sleet, and freezing rain… Continue reading

‘I killed my best friend’: Opioids’ fatal grip on mayor, pal

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

Brothers, 20, face second-degree murder charge in death of teen: police

MISSISSAUGA, Ont. — Police west of Toronto say two brothers have been… Continue reading

A young mayor, his friend, and a fatal attraction to opioids

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

GM fights to retain key tax credit amid plant closing plans

WASHINGTON — General Motors is fighting to retain a valuable tax credit… Continue reading

TTC union asks provincial government to step in on transition to Presto

TORONTO — The union representing transit workers in Canada’s most populous city… Continue reading

Small pot growers find roadblocks on path to microcultivation licences

Yan Boissonneault’s daughter was turning blue. Without warning, his baby had stopped… Continue reading

Most Read