SAN JUAN, Puerto Rico (AP) — The Bahamas announced Friday that it will refinance $300 million of its external debt to free up more than $120 million for marine conservation projects and climate change mitigation.
It is the fifth such debt-for-nature swap in the world, with the Bahamian government signing the deal with The Nature Conservancy, the Inter-American Development Bank and other financial partners.
“We see this project not just supporting the biodiversity and climate objectives of the country, but ultimately the economy and livelihoods of many, many folks,” Shenique Albury-Smith, the Bahamas-based deputy director for The Nature Conservancy, told The Associated Press.
The deal involves buying back the existing debt via a new loan by Standard Charter with reduced interest rates, a move expected to free up some $124 million in funding. That money will be used for marine conservation projects for the next 15 years. An endowment fund also will be created to secure financing for the projects after the 15 years are up. Overall, the Bahamas holds some $5.7 billion in external debt.
The Seychelles, Belize, Gabon and Barbados previously signed similar deals, said Melissa Garvey, global director for The Nature Conservancy’s bond program.
Together, the deals protect conservation areas larger than the Gulf of Mexico, she said.
The agreement with the Bahamian government marks the first time a private investor, Builders Vision, provides a co-guarantee and a private insurer, AXA XL, provides credit insurance. It’s also the first time that the project includes climate change mitigation commitments, according to The Nature Conservancy.
Smith said officials will likely use some of the money to protect, restore and manage the mangrove ecosystem, which stores carbon dioxide, a greenhouse gas, better than tropical forests. Officials also are looking to protect other ecosystems including seagrass, which also absorbs carbon dioxide, helping counter global warming.
Protecting marine areas also would ensure the stability of commercially important fisheries in the Bahamas, with the spiny lobster one alone generating some $100 million a year, Albury-Smith said.
In addition, climate change mitigation would help protect the low-lying archipelago that is still struggling to recover from Hurricane Dorian, which hit as a powerful Category 5 storm in 2019.
The Bahamas already has a strong conservation history: more than 17% of coastal waters are protected, representing more than 6 million hectares (16 million acres) of the world’s ocean.
In 1958, the Bahamas established the world’s first protected land and sea park at Exuma Cays.
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FILE - A woman walks along an ocean coast in Freeport, The Bahamas, Aug. 31, 2019. (AP Photo/Ramon Espinosa, File)
Italy was supposed to be an end-of-tour fling for the All Blacks.
Some pizza, some vino, check out the Shroud of Turin, and play some autumn rugby. Cin cin!
Then France spiked those plans last weekend in Paris by fending off New Zealand 30-29 in a thriller.
The All Blacks' target of sweeping their five-match northern tour was ruined. So in their last match before they head home, they have cast a more critical eye on Italy on Saturday at sold-out Juventus Stadium.
A stronger side than originally intended has been picked to produce a performance befitting a year in which New Zealand reset and rebuilt under first-year coach Scott Robertson.
Just five changes to the lineup, three enforced by injuries from Paris, have resulted. Robertson says they would have changed five or six more players but for Paris.
Remarkably, flanker Wallace Sititi, nominated for world breakthrough player of the year, will start for a fifth straight weekend. His cause has been aided by tour-long injuries to back-rowers Dalton Papali'i and Ethan Blackadder.
Six others will also appear in every tour match for varying minutes: Backs Cam Roigard, Damian McKenzie and Anton Lienert-Brown, and forwards Asafo Aumua, Patrick Tuipulotu and Ofa Tu'ungafasi.
“The guys were all putting their hands up,” Robertson says. “It's been a big 40 days for us and we want to finish on Saturday night with a performance we're proud of.”
Prop Tamaiti Williams hurt his neck against France and gave an opening for Ethan de Groot's return. The last fit All Black not to have appeared on tour, de Groot was dropped for breaching unspecified team protocols. But he's done his time.
“Mate, he's trained the house down,” Robertson enthuses. “He's done double sessions, and after the indiscretion he's put his hand up and owned it. It's his chance.”
The game also marks the international retirements of flanker Sam Cane and scrumhalf TJ Perenara. Both World Cup winners are pursuing club careers in Japan.
Cane replaced Richie McCaw, has been a grafter and calm under pressure. He recovered from a broken neck to play 103 tests and captain the All Blacks to the last World Cup final. Perenara, keyed up and attack-minded, was unlucky to rise beside Aaron Smith. Perenara has been a reserve in 61 of 88 tests, and he’s a reserve again this weekend, but he has no regrets.
Robertson praised them for their leadership and legacies.
“One thing I've learned is test match footy's a lot to do with experience,” Robertson says. “You have to have experience, there's no replacement. You have to have been there and felt it, so that you can teach others, and that's what they've done.”
The Italians will miss captain Michele Lamaro, who was concussed against Georgia last weekend. But they are glad to have back fullback Ange Capuozzo, who has played only six minutes this month after he was concussed against Argentina.
It's been a rough autumn for Italy. It was overwhelmed by the Pumas in Udine and dominated Georgia in Genoa but just edged it on the scoreboard. Coach Gonzalo Quesada has taken the All Blacks selection as a mark of respect.
“We are preparing to face a storm,” Quesada says. “We have to prepare the boat, the tools, and then we will understand how to manage the game emotionally and not panic, otherwise the boat will sink.”
Italy has never beaten New Zealand in 16 previous tests going back to 1987. The last match, at the World Cup last year in Lyon, finished 96-17.
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Italy's players stand on the pitch prior to the start of the Autumn Nations Series rugby match between Italy and Argentina at the Friuli stadium, in Saturday, Italy, Nov. 9, 2024. (AP Photo/Alberto Podorieszach)
New Zealand's Wallace Sititi, takes the ball at a line out during the the Autumn Nations series rugby union match between Ireland and New Zealand at the Aviva Stadium in Dublin, Ireland, Friday, Nov. 8, 2024. (AP Photo/Peter Morrison)
