And preserving those precious fish stocks are part of what makes the Blue Bond work. As we've told you, the Government of Belize is getting closer to retiring the Superbond and replacing it with the Blue Bond, which will substantially reduce our sovereign debt.
They'll go to the House on Tuesday to pass the necessary National Assembly resolutions and the Blue Bond Loan Bill.
Also on Tuesday, the Washington-based Nature Conservancy issued a statement outlining the long list of commitments that Belize was agreeing to undertake as part of this agreement.
These include the completion of a Marine Spatial Plan; increasing in Biodiversity Protection Zones from the current 15.9% of ocean area to 30% of ocean area by 2026. Out of that 30% of ocean area, Belize commits to the designation of half as High Protection (Replenishment Zones) and half as Medium Protection (Multi-use Zones). Belize is also agreeing to the designation of public lands within the Belize Barrier Reef Reserve System - slash - World Heritage Site as Mangrove Reserves. There is also a commitment to the revision of Belize's Integrated Coastal Zone Management Plan to include marine and coastal biodiversity offsets. Belize also agrees to apply for three formally designated marine protected areas to be listed as International Union for Conservation of Nature (IUCN) Green List Areas.
The TNC also says that should the proposed Blue Bonds Financing come to fruition, a new independent Conservation fund for Belize will be designed and established. The Conservation Fund's main purpose will be to disburse funding received from the Blue Bonds Financing to projects and partners working in Belize.
