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4.43. The country has major renewable energy potential in the form of wind, solar and geothermal energy. The Vision Djibouti 2035 strategy of 2013 foresaw an ultimate goal of 100% renewable energy production.

4.44. French, Spanish, Emirati and US companies have plans to invest, or have already invested, in the renewable energy sector through the following projects:
• a solar power plant in Grand Bara (23 MW), currently being negotiated with AMEA POWER (UAE);
• two solar power plants with storage in Obock (1 MW) and Tadjourah (2 MW), managed by the Ausar Equity joint venture (France India)/EDD;
• a wind farm in the Ghoubet region (60 MW) built by the Spanish firm Siemens Gamesa; and
• a biomass power plant (50 MW) near Damerjog, built by the US firm CR Energy Concepts LLC.

4.56. The overall goal of the fisheries policy is to provide effective, efficient, transparent, and accountable service delivery through a participatory approach to ensure long-term sustainable fisheries and aquaculture management and conservation so that the sector continues to play a key role in the sustainable development of Seychelles and its socio-economic well-being. The policy is structured around 10 policy objectives: good governance and institutional strengthening; sustainable management of fisheries and climate resilience; infrastructure support and value chain development; building efficiency in the industry; investment and economic growth; increasing Seychellois stake-holding in the industrial fisheries sector; employment, training, resourcing, and human resource development; strengthening monitoring, control, and surveillance; research and innovation in the fisheries sector and aquaculture; and sustainable development of aquaculture.

4.58. The fisheries subsector in Seychelles receives extensive support (see below) aiming to, inter alia, boost the development and competitiveness of the industry, create decent jobs and sustainable livelihoods, and contribute towards food and nutrition security. (...)

4.65. The Blue Investment Fund (BIF) is a loan scheme administered by the Development Bank of Seychelles (DBS) and developed specifically to support the expansion and diversification of sustainable fishery value chains. Up to USD 3 million (in SCR equivalent) is offered at 4% interest rate (Table 4.8).

4.66. The Blue Grants Fund (BGF) is administered by the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT). [70] SeyCCAT's goal is to competitively grant at least USD 700,000 per year to support Seychellois-led projects that advance marine conservations, sustainable fisheries, development of new and existing marine protected areas (MPAs), and selected other blue sectors. (...)
[70] SeyCCAT was established by the Conservation and Climate Adaptation Trust of Seychelles Act, 2015.

4.68. On 31 January 2018, Seychelles launched its Blue Economy [72] Strategic Framework and Roadmap 2018-2030 "as a means of realising the nation's development potential through innovation and knowledge-led approaches, being mindful of the need to conserve the integrity of the Seychelles marine environment and heritage for present and future generations". [73] According to the authorities, the aim is to make maximum use of its 1,358 million km2 of ocean in the most sustainable manner possible.
[72] The term "Blue Economy" refers to the sustainable development of ocean resources, while significantly reducing environmental risks and ecological scarcities. (...)
[73] It is articulated through four strategic priorities: creating sustainable wealth; sharing prosperity; securing healthy, resilient, and productive oceans; and strengthening the enabling environment. (...)

4.69. In 2015, the Department of the Blue Economy, under the Office of the Vice President, was established to promote the sustainable use of marine resources and coordinate the use of the exclusive economic zone (EEZ). (...) According to the authorities, this is being pursued through the reinforcement of the country's traditional sectors (e.g. (...) environment (...)) by encouraging more value addition across their value chains. Also, through the development of hybrid sectors such as sports tourism and the exploration and/or subsequent development of emerging sectors (e.g. (...) renewable energy).

4.70. In October 2018, Seychelles issued the world's first sovereign blue bond, worth USD 15 million with guarantees from the World Bank and the Global Environment Facility, to attract private investment and finance a transition to sustainable fisheries, and in particular the implementation of the Mahé Plateau Demersal Fisheries Management Plan. This 10-year blue bond to finance fisheries projects makes Seychelles the world's first country to utilize capital markets for funding the sustainable use of marine resources. Seychelles is using the proceeds of the blue bond, i.e. Blue Grants Fund (BGF) (USD 3 million) and Blue Investment Fund (BIF) (USD 12 million), to support private (business, civil society, and NGOs) and public investment in ocean conservation, sustainable fisheries, and Blue Economy value chains (Box 4.1).

Box 4.1. Seychelles' blue bonds:
What are blue bonds?
Blue bonds are financial instruments issued by governments, development banks, or other entities to raise capital from impact investors to finance marine and ocean-based projects that have positive environmental, economic, and climate benefits.
Why did Seychelles decide to issue blue bonds?
Like many small island developing states (SIDS), Seychelles' economy is highly dependent on the ocean for food, nutrition, and livelihoods; marine habitats; and other Blue Economy sectors such as tourism. As the economy grew, Seychelles recognized the need to rebuild and sustainably utilize its marine resources through improved governance and management of the relevant sectors. However, the costs of transitioning to sustainable economic activities can be substantial for a small island state, both in terms of management costs and socio economic losses.
What makes blue bonds unique?
Unlike green bonds, which are predominantly terrestrial based, blue bonds are ocean-space related. Blue bonds combine public and private investment to mobilize resources for empowering local communities and businesses.
What are the goals of blue bonds?
1) Expanding sustainable use of marine protected areas through investments in planning, implementing, and enforcing planned expansion of areas within Seychelles' EEZ. (...)
3) Sustainable development of the Blue Economy by investing in developing greater value addition from aquaculture, industrial, semi-industrial, and artisanal fishing, and processing sectors.
What is the structure of the Seychelles sovereign blue bond?
The sovereign blue bond was issued with a ceiling value of USD 15 million, with a maturity of 10 years. The blue bond, as well as the programme of marine and ocean-related activities it supports, was prepared with assistance from the World Bank and the Global Environment Facility. This support includes a partial World Bank guarantee (USD 5 million) and concessional loan from the Global Environment Facility (USD 5 million), which will partially subsidize payment of the bond coupons.
How are the proceeds of blue bonds used?
The proceeds, referred to as Blue Finance, are being used to capitalize a Blue Grants Fund (USD 3 million) and Blue Investment Fund (USD 12 million), each of which provides financing for marine and ocean-related activities that contribute to the transition to sustainable fisheries and use of marine resources. (...)