Gabon relieves its debt by committing to protect its marine ecosystem – Jeune Afrique

2023-08-16 18:34:48

Gabon has restructured a small part of its debt (regarding 3%) in return for 163 million dollars of investments in the preservation of its oceans, announced on August 15, Lee White, the Gabonese Minister of Water and Forests, and the American NGO The Nature Conservancy (TNC). This “debt-nature” transaction marks, for Gabon, “the beginning of a fifteen-year preservation project”, welcomed TNC, one of the main actors of the project.

To readAfter its forests, Gabon is cashing in on its biodiversity to reduce its debt

Green finance

Through this “debt conversion” operation, Gabon benefited from the issuance of a new bond of its public debt, up to 500 million dollars, or 3% of the national debt, by the Bank of America . Also according to TNC, the repayments of these new bonds at more favorable interest rates and guaranteed once morest political risks by the US International Development Finance Corporation (DFC), an American agency, should “generate 163 million dollars”, which will feed for fifteen years an “independent fund” intended for ocean preservation projects in Gabon. Another “endowment” fund will also be funded and “will continue to fund ocean conservation following the bonds are paid off,” TNC said.

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“It’s a small first step,” rejoiced Lee White. ” From For years, we’ve been talking regarding green finance, supporting countries positive in carbon or biodiversity, but there are few actions. So our hope is that it opens up even more discussions, ”he explained.

Better seabed management

The funds will make it possible in particular to establish a “marine territorial development plan”, to strengthen the means of action of the administration, which has been deprived of them since the sanctuarization of 26% of territorial waters in 2017, and will contribute to the financing of carriers of “projects for better management of the marine resource”, explains Marie-Claire Paiz, regional director of TNC in Gabon.

Gabon, 88% covered by forests, has a vast western coastline, which gives it “enormous fishing and aquaculture potential”, but which is “very little exploited”, according to the United Nations. united for food et l’agriculture (FAO).

(With AFP)

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