CURIEUSE ISLAND, Seychelles: 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’s 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’s 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 kilometers (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.
“A great honor and privilege,” the country’s environment minister, Didier Dogley, said at the signing.
The deal with the country’s creditors was brokered by US-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’s 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. “Like climate, for example,” Flavien Joubert said.
The new agreement has worried some who say their livelihoods will be severely restricted.
“If you protect everywhere, where (will) we go fishing?” Elvis Simon Dingwall said. He echoed others who said they have to bear the brunt of the government’s past economic failures.
The head of the Seychelles’ state-owned oil and gas exploration entity, Patrick Joseph, said Petro Seychelles initially was resistant to the plan but now is cautiously optimistic.
“Provided 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,” 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.
“The Seychelles is leading the way in terms of how it is going to manage its ocean territory ... in a sustainable fashion,” said Benoit Bosquet, the World Bank’s practice manager for environment and natural resources.
Seychelles swaps debt for groundbreaking marine protection
Seychelles swaps debt for groundbreaking marine protection
Venezuela aims to boost oil output but sanctions stand in the way, VP says
- Sanchez called the recent capture of Nicolas Maduro a “dark day” for the country
DUBAI: Venezuela’s Vice President for Economy Calixto Ortega Sanchez said on Wednesday that his country needed vast foreign investment and sanctions relief to tap its huge oil reserves and restart its ailing economy.
“We know that the reference for Venezuela is that (it is) the country with the biggest oil reserves, and we want to stop being known for this, and we want to be known as one of the countries with the highest production levels,” Sanchez said.
Responding to questions by American journalist Tucker Carlson, Sanchez called the recent capture of Nicolas Maduro a “dark day” for the country but said Venezuela was working to reestablish a relationship with the US, which he described as a “natural partner” for the country.
“The Venezuelan people and authorities have shown that they are ready to peacefully move forward and to build opportunities,” he said during a session at the World Government Summit.
Sanchez, who headed Venezuela’s central bank, said the most pertinent issue facing his country is continued US sanctions.
Despite failing to result in regime change, the sanctions had effectively stifled the economy from growing, he added.
He said the Venezuelan government was now working to reform its laws to allow foreign investment and hoped the US would ease sanctions to aid their work.
“The first decisions that interim President Rodriguez took was to go to the National Assembly and ask for reform to the hydrocarbon law … this law will allow international investors to go to Venezuela with favorable conditions, with legal assurance of their investments,” he added.
“The economy is ready for investment. The economy is ready for the private sector; it is ready to build up a better future for the Venezuelan people.”
Sanchez played down inferences by Carlson that his government had been taken over, insisting that the regime still held authority in the country. He said the country had set up two funds to receive money from oil production that would fund better welfare and social conditions for Venezuelans.
“Allow us to have access to our own assets … we don’t have access to our own money,” he added.
“If you allow us to function like a regular country, Venezuela will show extraordinary improvement and growth.”
