In November 2021, the Government of Belize and the Nature Conservancy engaged in the world’s largest debt refinancing for ocean conservation to date with a value of USD 362 million.

This debt conversion for marine conservation created the enabling environment for Belize to:
Key Transaction Components
i. Repurchase USD 553 million of the country’s public debt at a 45% discount through the Blue Loan
ii. Debt reduction by 12% GDP
iii. Long term sustainable financing for conservation (estimated USD 180 million in conservation funding over a period of 20 years)
Key Conservation Impact
i. Commitment to protect up to 30% of Belize’s ocean by 2026 utilizing a science based participatory Marine Spatial Planning process
a. half in high protection areas (Replenishment Zones) and half in medium protection areas (Multi-use Zones)
ii. Long term sustainable financing for conservation (estimated USD 180 million in conservation funding over a period of 20 years)
a. Includes USD 84 million conservation finance over 20 years: USD 4.2 million annual average
iii. Creation of the Belize Fund for a Sustainable Future (conservation fund)

Milestones and Conservation Commitments
As part of the debt refinancing, Belize is committed to implement predefined ocean conservation milestones and commitments. 

The conservation milestones are time-bound and legally binding.

Other non-legally binding commitments includes:
i. Creation of a National Blue Carbon Policy
ii. Improved Fisheries Management inclusive of:
a. Regulatory framework for high value sustainable aquaculture and mariculture
b. Governance framework for domestic and high seas fisheries consistent with international best practices
iii. Watershed Management
iv. Strengthened Environmental Impact Assessment Regulations
v. Enhance World Heritage Sites

Progress to Date
Below is a synopsis of milestones achieved to date: