BANKING AFFAIRS

Detailed explanation-1: -UPSC Mains. Q. Which country has launched the world’s first Sovereign Blue Bond? Notes: The Republic of Seychelles has launched the world’s first sovereign blue bond-a financial instrument designed to support sustainable marine and fisheries projects.

Detailed explanation-2: -The Republic of Seychelles launched the world’s first sovereign blue bond to support its sustainable marine and fisheries projects. The bond, structured in collaboration with The World Bank, demonstrates the potential for countries to harness capital markets for financing the sustainable use of marine resources.

Detailed explanation-3: -Key to this growth are blue bonds, which can be issued by governments, financial institutions and private companies wanting to fund projects to restore ocean health, protect wildlife and secure the livelihoods of coastal communities.

Detailed explanation-4: -Well-defined sustainable blue economy sectors-such as sustainable fishing, ecotourism, waste management sector, and marine renewable energy-are the basis of a blue bond.