Good Afternoon, Members of The Press.
Thank you for coming today. I hope to provide clarity and add additional details on the recently announced Bahamas Debt Conversion Project for Marine Conservation.
The projects main object is to:
- safeguards livelihoods, particularly in sectors that rely on the marine environment , such as fisheries and tourism.
- It protects the natural barriers, like mangroves and coral reefs, that shield our communities from storm surges and erosion.
- It creates opportunities for job creation through capacity building and technical support in marine management; and
- Strengthen capacities of government and Bahamian NGOs actors in space
In short, it provides a pathway for sustainable economic growth while protecting the natural resources on which we all depend.
For more than 65 years The Bahamas has been the leader in the region on conservation with approximately 17 million acres of protected areas throughout the archipelago. BUT, what we lacked was a strong and robust financing mechanism to support the management of these systems such that economic benefits could be tracked, enhanced and reported on. We as a people fundamentally understand the environmental benefits we achieve from these areas but this project will help us to quantify the economic benefits to communities and put in place proper management programs to enhance these benefits.
The debt conversion project allows The Bahamas to refinance $300 million in external debt through partnerships with global institutions such as the Inter-American Development Bank, The Nature Conservancy, and Standard Chartered Bank. In doing so, it will unlocks $124 million in savings over the next 15 years.
This project will fund climate-smart conservation plans, develop a national mangrove management strategy, and create a marine spatial plan for the effective governance of our omarine resources. These efforts are not only critical for biodiversity but also for mitigating the impacts of climate change on our communities.
This initiative also ensures that conservation efforts will endure beyond the 15-year term of the debt conversion project. A $20 million endowment, expected to grow by 2039, will provide a lasting pipeline of financing for marine conservation. This forward-thinking approach secures resources for the long term, ensuring that The Bahamas remains a leader in sustainable marine management.
On a global scale, this project positions The Bahamas as a pioneer in climate financing and marine conservation. By leveraging our natural capital and working with international partners, we are setting a precedent for other small island developing states. We are showing that innovative solutions can help nations overcome the challenges of high debt burdens and environmental vulnerabilities.