Event description: Seychelles is a small island developing State (SIDS) dependent on its marine natural resources to derive its economic prosperity. Seychelles makes the case that economic development and ocean protection work hand in hand but partnerships are critical to support these endeavors. The high-income status of the country reduced access to grants and low-interest loans, forcing Seychelles to pursue innovative financing that leverages public funds to attract private capital and philanthropy. In its pursuit of blended finance deals, Seychelles made a strong case that private capital must be part of the ocean conservation efforts.
In 2015, the Government of Seychelles in partnership with The Nature Conservancy and the Seychelles; Conservation and Climate Adaptation Trust (SeyCCAT) concluded a US$ 21.6 million debt-for-nature swap that generated benefits for Seychelles. SeyCCAT, a conservation trust fund, was established in 2015 to facilitate the debt-for-nature swap. It is an independent, not-for-profit, non-governmental organization with a vision of supporting Seychelles’ blue future by mobilizing and investing resources in the Seychelles’ blue economy. As part of the debt-for-nature swap, SeyCCAT is tasked with ensuring impact investors are repaid and managing a US$ 8.6 million Blue Grants Fund and a Blue Endowment Fund.
The SeyCCAT model also provides opportunities for replication among other SIDS and African countries. COVID19 has further raised the stakes in the abilities of vulnerable countries to raise appropriate finance to address the needs of climate resilience. Furthermore, COVID19 is forcing countries to review their economic models, and the opportunities derived from SeyCCAT to strengthen eco-tourism and nature-based economic value addition.
A partnership is pivotal to the success of SeyCCAT. The objective of this webinar is to highlight the achievements of SeyCCAT with a focus on partnerships as central to this success.
Date: 16th November 2020
Time: 17.30 hours
Duration: 1.5 hours
Speakers (More on the speakers)
- Opening remarks by the Chair of the panel is United Nations Economic Commission for Africa, Director, Technology, Climate Change and Natural Resource Management Division, Mr Jean Paul Adam
- Angelique Pouponneau, CEO of SeyCCAT.
- Patrick Payet, Secretary of State of the Ministry of Finance, Trade and Economic Planning and Investments of the Government of Seychelles.
- Robert Weary, Managing Director, Ocean Investment Fund
- Adnan Award, The Nature Conservancy
- Daig Romain, Protected Areas Finance Project Manager, UNDP-PCU-GEF
- Catherine Calvert, Calvert Impact Capital
- Thomas Hickey, Senior Officer, Coastal Wetlands and coral reefs project, Pew Charitable Trusts
- Arthur Tuda, Executive Secretary, Western Indian Ocean Marine Science Association
- Closing Remarks: Kate Brown, Executive Director, Global Islands Partnership.