Strengthening fisheries surveillance

Seychelles Fisheries Authority names new vessel

SEYCHELLES: The Seychelles Fisheries Authority named their new surveillance vessel, which will improve monitoring of fishing activities in the island’s waters, at a ceremony this week.

The SWIOFish team, through the Department of the Blue Economy, handed over a new surveillance vessel, named Surveillance 2, to the Seychelles Fisheries Authority at the Artisanal Fishing Port. This was during a short ceremony held at the Artisanal Fishing Port.

The acquisition of the vessel is part of the implementation of the Third South West Indian Ocean Fisheries Governance and Shared Growth Project, known as the SWIOFish3 project, which has now been completed successfully.

The Surveillance 2, valued at $920,000, will play a vital role in monitoring and enforcing permissible fishing activities. It has been designated specifically for monitoring, control, and surveillance of the Mahe Plateau.

In his speech the Minister for Fisheries and the Blue Economy Jean Francois Ferrari emphasised the importance of this addition to the surveillance fleet. “The Mahe Plateau, a critical area for biodiversity and fisheries, has been under immense pressure from unsustainable practices. Surveillance 2 will help us identify and apprehend those who exploit our marine resources unlawfully, and it will send a clear message that we are committed to safeguarding our Seychelles Waters.”

Five-year project

The SWIOFish3 project has significantly contributed to the development of entrepreneurship and increased business ventures in the Blue Economy sector in Seychelles over the past five years.

The six-year project, which ended on June 31, provided the foundation for the Blue Investment Funds, which supported innovations in the Blue Economy. Its objective was to improve the management of marine areas and fisheries in targeted zones and strengthen fisheries value chains in the Seychelles, a 115–island archipelago in the western Indian Ocean.

SWIOFish3, a government-funded project, was financed by loans and grants from the World Bank and the Global Environment Facility (GEF). The project became effective in April 2018. It was planned to end in June 2023, but it was extended for another year to ensure the implementation of planned activities, which was delayed primarily due to COVID-19 restrictions.

Danielle Jupiter, the project’s local manager, told SNA that SWIOFish3 was the project framework for the Blue Bond proceeds issued by the government of Seychelles in 2018.

“Our country made history by issuing the world’s first Blue Bond, which is $15 million and has a maturity of 10 years. The proceeds of the Blue Bond are being used to capitalise a Blue Grants Fund ($3 million) and a Blue Investment Fund ($12 million), each of which is providing financing for marine and ocean-related activities that contribute to the transition to sustainable fisheries,” explained Jupiter.

Jupiter added that the two funds were designed to complement each other. “For example, an individual can apply for a Blue Grant Fund to test a business idea, and if it works, that person can apply for a Blue Investment Fund loan.”

“The Blue Bond really helped put Seychelles on the international map as an innovation hub for new forms of sustainable financing, favouring the environment, conservation, and climate adaptation.

Following our example, countries like Belize and Fiji have issued their own Blue Bonds,” said Jupiter.

When Seychelles launched the world’s first sovereign Blue Bond, it raised $15 million from international investors, demonstrating the potential for countries to harness capital markets to finance the sustainable use of marine resources. The World Bank assisted in developing the bond and reaching out to the three investors: Calvert Impact Capital, Nuveen, and Prudential Financial, Inc. 

PHOTO: Seychelles Fisheries Authority

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