2021- Belize Blue Bonds for Ocean Conservation

In a groundbreaking move, The Nature Conservancy (TNC) and the Government of Belize completed a $364 million debt conversion for marine conservation in November 2021. This monumental "Blue Loan" reduced Belize's national debt by 12% of its GDP and secured long-term, sustainable funding for ocean protection.

Through this innovative refinancing, Belize repurchased a quarter of its public debt ($553 million) at a significant 45% discount, resulting in a $189 million reduction in principal outstanding. These substantial savings will generate an estimated $180 million in conservation funding over 20 years, supporting vital initiatives.

As part of this historic agreement, Belize committed to protecting 30% of its ocean—including parts of the iconic Mesoamerican Reef—by 2026 through a transparent Marine Spatial Planning process. An independent Conservation Fund will allocate these resources to in-country partners, ensuring direct impact.

This pioneering transaction, arranged by TNC's NatureVest and financed by Credit Suisse, was credit-enhanced by the U.S. International Development Finance Corporation (DFC) and included parametric insurance against natural disasters. Recognized with two Environmental Finance 2022 Bond Awards, Belize's Blue Loan stands as the world's largest debt refinancing for ocean conservation to date, setting a powerful precedent for global sustainability.