At least five African nations are in discussions to implement the world’s first joint “debt-for-nature” swap, aiming to raise $2 billion for the protection of the Indian Ocean’s rich coral ecosystems. Debt-for-nature swaps, where nations restructure debt and redirect savings to conservation, are gaining popularity among poorer countries. While previous initiatives involved individual countries like Ecuador and Seychelles, this effort would mark the first multi-country collaboration. The conservation plan, tagged the “Great Blue Wall,” is backed by Kenya, Madagascar, Seychelles, Tanzania, Somalia, South Africa, Mauritius, and the Comoros. The project, first introduced in 2021, seeks to protect 2 million hectares of ocean ecosystems by 2030, benefiting 70 million coastal residents. If the bid succeeds, it will likely resolve issues like fishing rights and who finances what. Still, lengthy negotiations are required to finalize the deal.
SOURCE: REUTERS
African Nations in Talks for First-ever Joint Debt-for-Nature Swap
