Efforts ongoing for Seychelles to benefit from debt swap scheme |26 September 2013

A delegation from the Nature Conservancy is in the country to assist the Ministry of Finance, Trade and Investment and the Ministry of Environment and Energy to fully develop the debt swap initiative for Seychelles.

Debt Swap is an innovative financing mechanism being championed by the Global Island Partnership (Glispa) launched by President James Michel in 2005 to efficiently apply adaptation to climate change funding to achieve high leverage for adaptation projects while simultaneously reducing financial barriers to Small Islands Developing States’ (Sids) implementation of climate adaptation strategies.

Debt-for-adaptation is a variation of the debt-for-nature and debt-for-development swaps, and it responds to high debt burden which many Sids experience.

The Nature Conservancy delegation comprising Robert Weary, Mathew Brown and Jorge Gastelumendi
recently met and held discussions with the Minister for Environment and Energy, Profesor Rolph Payet.

Minister Payet said that this is a significant progress since the first meeting in Switzerland and the endorsement of the Debt Swap Initiative by the government in June this year, adding that a plan of action will now be developed to implement the debt swap initiative for Seychelles.

The debt swap provides predictable funding over a period of years to address ongoing needs in the face of climate change such as capacity building at different levels, monitoring and evaluation.
 
During the five-day visit, the delegation will finalise discussions with all relevant national stakeholders and agree on a clear strategy.
 
Nature Conservancy is a major environmental non-government organisation based in the United States of America. Its main role is to act as broker and to provide credibility to the initiative.