Seychelles congratulated for Blue Bonds Initiative at Commonwealth Business Forum side event
Speaking at a side event of the Commonwealth Head’s of Government meeting in Malta, the Prince of Wales addressed the Commonwealth Business Forum to propose an initiative which would guarantee credit facilities for ‘green’ projects for member states to implement with readily available finance mechanisms. During his address Prince Charles had congratulated the Government of Seychelles and in particular President James Michel for the farsighted initiative of the creating and implementation of ‘Blue Bonds aimed at boosting the fisheries sector. Prince Charles enforced the idea as vindication of the fact that economic growth and environmental resilience complement each other and should be viewed in the same context.
As part of the Blue Economy concept spearheaded by President James Michel, ‘blue bonds effectively raise capital for the sustainable management of both ocean resources and fisheries using market mechanisms with the support of development institutions. Such a project can ensure greater financial flows to benefit the fisheries sector of Small island Developing States such as Seychelles which rely heavily on this source of income.
Representatives from the Ministry of Finance, Trade and the Blue Economy- a first of its kind in the world and members of the Seychelles Investment Bureau attended the CHOGM side event.