The Bahamas Debt Conversion for Marine Conservation (Nature Bond)
Bahamas
In Nov 2024 The Bahamas refinanced $300M of external debt with IDB, Builders Vision and AXA XL guarantees, unlocking $124M …
Saint Vincent and the Grenadines · Tobago Cays · See the Saint Vincent and the Grenadines profile
Evidence: Observational / pre–post Top 90% 27/100 · Ask Evidence Copilot about this practice
A 5.7 km² lagoon marine park in the Grenadines is self-financed through visitor and mooring fees since its 1997 statutory establishment, supporting a 13-person authority with no government subsidy, even as a 2007 survey found live coral cover down to 5–30% and reefs declining.
Established as a fisheries conservation area in 1987 and formalised as a statutory marine park under the 1997 Marine Parks Act, the Tobago Cays Marine Park protects a 1,400-acre (5.7 km²) sand-bottom lagoon in the southern Grenadines. The Government of St. Vincent and the Grenadines purchased the cays outright for US$1,025,000 in April 1999.
A ten-member Marine Park Board now oversees a 13-person Marine Park Authority. Since a 2006 relaunch, the park has been run as a self-financed protected area with no recurring government subsidy, charging compulsory user and mooring fees to an estimated 50,000 cruise-ship passengers a year (about 10,000 landing at the cays) and roughly 8,000 yachts; a 2022 e-payment system (built with GIZ, GCFI/MPA Connect and Reef Support) modernised fee collection.
The Global Environment Facility-backed OPAAL project (from 2005, via the World Bank, FFEM and OAS) supported the park's institutional development, and it was listed as a regionally significant ecosystem under the SPAW Protocol in 2014. However, a 2007 reef survey found live coral cover of only 5–30% on most reefs and rated them in decline overall.
Stable finance alone has not reversed underlying reef degradation — a caution against treating user-fee sustainability as a proxy for ecological outcomes.
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Where this practice's information was retrieved from, and when.
Bahamas
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