How The Nature Conservancy’s Blue Bond Helped Belize Restructure Its Debt And Conserve Its Oceans

Starting about seven or so years ago, the folks at The Nature Conservancy (TNC) were looking for a way to address a problem: Governments in many developing countries wanted to protect their natural resources. But they lacked the financing muscle to do so. “There wasn’t enough funding globally to allow countries to achieve their conservation goals, while providing a sustainable funding stream to do so,” says Steve Valdes-Robles, senior attorney at TNC.

Ultimately, they devised the Blue Bonds for Ocean Conservation program, a massive debt refinancing project with the government of Belize, which agreed to a long-term commitment for ocean conservation. The $364 million debt conversion reduced

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