Gabon has restructured a small portion of its debt in return for $163 million in funds to protect its oceans, the government and an NGO said on 15 August 2023.
The debt conversion enables Gabon to refinance $500 million of its national debt in a way that secures funding for marine conservation activities and a clampdown on illegal fishing.
The deal involved the Bank of America issuing a new bond that is insured against political risk by the United States International Development Finance Corporation, said TNC, an architect of the scheme.
Source: Africa News Agency