Supporting innovations in the blue economy
The SWIOFish3 project has significantly contributed to the development of entrepreneurship and the growth of commercial enterprises within the blue economy sector in Seychelles over the past five years.
The six-year project, which has just concluded, laid the foundation for Blue Investment Funds that support innovations in the blue economy. Its objective was to improve the management of marine areas and fisheries in targeted zones and to strengthen the fisheries value chains in Seychelles. The third project of the Southwest Indian Ocean Fisheries Governance and Shared Growth Program (SWIOFish3) was part of the broader SWIOFish program by the World Bank. This program aims to increase the economic, social, and environmental benefits of marine fisheries in the Southwest Indian Ocean.
SWIOFish3, a government-funded project, was financed by loans and grants from the World Bank and the Global Environment Facility (GEF). The project commenced in April 2018 and was initially set to end in June 2023 but was extended by a year to ensure the implementation of planned activities.
Danielle Jupiter, the local project manager, told SNA that SWIOFish3 was the framework for the proceeds from the blue bonds issued by the Seychelles government in 2018. « Our country made history by issuing the world’s first blue bond, amounting to 15 million USD with 10-year maturity. The proceeds from the blue bond were used to capitalize a Blue Grants Fund (3 million USD) and a Blue Investment Fund (12 million USD), each providing financing for marine and oceanic activities that contribute to the transition to sustainable fishing », explained Jupiter.