Gabon announced its 'landmark' $500 million debt-for-nature swap in August 2023. However, shortly after its launch, the Gabonese government changed – raising concerns about the longevity of the project.

The Nature Conservancy said this past year has been critical, requiring dialogue with all levels of the new administration to ensure the financial and conservation obligations will be honoured.

Developed alongside the US International Development Finance Corporation and The Nature Conservancy, the capital raised for the debt-for-nature swap will fund marine protection, biodiversity conservation and sustainable development. It expects $5 million to be dispersed every year for the next 15 years, with an extra $3 million put into an endowment fund to continue conservation activities after the programme's lifespan.

Over the past year, the project – which has won Impact project/Investment of the Year for oceans and coastal zones – has made progress on the marine planning process to decide which areas of the ocean should be protected. This will be implemented over the next decade, alongside monitoring of unregulated fishing.

Melissa Garvey, global director for TNC's nature bonds programme said it is "proud to have supported the government of Gabon in its blue bonds debt conversion project, the first one in mainland Africa".

She added: "Leveraging an innovative financial solution and international partner support, the project will unlock $163 million and help the government of Gabon finance and implement ocean protection and management for 30% of its ocean, strengthen and enforce fisheries regulations and develop a sustainable blue economy strategy."