By refinancing $300 million of external commercial debt, The Bahamas is expecting to unlock $124 million in new cash funding for marine conservation over the next 15 years.

Proceeds from the refinancing will be used to facilitate improved ocean conservation and management of the country's Marine Protected Areas (MPAs).

Specific Commitments include implementing climate-smart plans for MPAs and developing a national Mangrove Management Plan to protect vital habitats such as coral reefs, seagrass meadows, and mangrove forests.

The issuer argues the deal can serve as a model for other nations seeking to integrate debt management with environmental conservation, demonstrating how innovative financial mechanisms can drive sustainable development

"Continued work to conserve and protect the ocean surrounding The Bahamas and reinvesting savings in the same areas shows a strong level of commitment," said one Sustainable Debt Awards judge.

Hogan Lovells advised the government of The Bahamas, with support from several financial collaborators.