CURIEUSE ISLAND, Seychelles 鈥� 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 popular with tourists is designating nearly a third of its waters as protected areas, aiming to ensure the longevity of its unique biodiversity.
The archipelago鈥檚 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鈥檚 largest population of giant tortoises, critically endangered sea cows and spawning grounds for a number of rare species. But overfishing has hurt.
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. The areas around Aldabra 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.
鈥淎 great honour and privilege,鈥� the country鈥檚 environment minister, Didier Dogley, said at the signing.
The deal with the country鈥檚 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鈥檚 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. 鈥淟ike climate, for example,鈥� Flavien Joubert said.
The new agreement has worried some who say their livelihoods will be severely restricted.
鈥淚f you protect everywhere, where (will) we go fishing?鈥� Elvis Simon Dingwall said. He echoed others who said they have to bear the brunt of the government鈥檚 past economic failures.
The head of the Seychelles鈥� state-owned oil and gas exploration entity, Patrick Joseph, said Petro Seychelles initially was resistant to the plan but now is cautiously optimistic.
鈥淧rovided 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,鈥� 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.
鈥淭he Seychelles is leading the way in terms of how it is going to manage its ocean territory ... in a sustainable fashion,鈥� said Benoit Bosquet, the World Bank鈥檚 practice manager for environment and natural resources.
