OUR EVOLUTION
SetCCAT was established through the world’s first Debt Swap for Ocean Conservation and Climate adaption in 2015. Today we’ve financed over 80 projects related to the cause.
OUR JOURNEY
Seychelles’ journey towards sustainable ocean management and the evolution of SeyCCAT are inextricably linked. Key milestones and lessons have been documented at each stage. These are outlined in the below timeline.
2020
Seychelles Government designates 30% of its ocean to protection. 10 years ahead of target year.
December 17, 20202017
First call for proposals for the Blue Grants Fund is announced in October with USD 250,000 disturbed in June 2018.
December 17, 20172016
SeyCCAT receives USD 21.6m from the Nature Conservancy, comprising of a USD 5m grant and USD 15.2m in loan capital. SeyCCAT lends USD 20.2m to the Government of Seychelles in order to purchase USD 21.6m of sovereign debt from its creditors at a USD 1.4m discount to face value.
December 17, 20162015
The Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) was established as an independent trust to manage the proceeds of the debt restructuring.
December 17, 20152015
Seychelles Government and the Paris Club of Creditors announce the closure of the first debt restructuring for climate adaption
December 17, 20152014
Seychelles Government begins the national consultation process under the Seychelles Marine Spatial Planning Initiative to identify high and medium biodiversity zones for protection.
December 17, 20142012
Former President James Michel announces Seychelles’ formal commiment to Protecting 30% of its Exclusive Economic Zone by 2020. This announcement initiated the Seychelles Marine Spatial Planning Initiative (MSP)
December 13, 20122011
The Nature conservancy began discussions with the Seychelles Government to support the restructuring of its debt obligations on more favourable terms in exchange for increased ocean conversation.
December 13, 20112008
The effects of the global financial crisis is felt in Seychelles. The Government faced debt repayment challenges with total public debt raising to over 150% of GDP
December 13, 2008