Green Bond Fact Sheet

The Republic of Seychelles

Date: 17-Jan-2018

Issue date: 29-Oct-2018 Maturity date: N/A Tenor: N/AIssuer Name

The Republic ofSeychelles

Amount Issued

USD15bn

Country of risk

Seychelles

CBI Database

Included

Issuer Type1

Sovereign

Bond TypePrivate placement

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☒ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☒ Fisheries & aquaculture☐ Energy/water efficiency☐ Sustainable agriculture☒ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingN/ACompany information

The Seychelles is an archipelago of 115 islands in the Indian Ocean, off East Africa.
The capital of the 115-island country, Victoria, lies 1,500 kilometres (932 mi) eastof mainland East Africa. (source)Firsts, records andcertifications

World’s first blue sovereign bond.

Proceeds description

As set out in the project appraisal document, proceeds will be allocated to eligible
activities related to sustainable fisheries and marine projects, including theexpansion of marine protected areas, improved governance of priority fisheries
and development of the Seychelle’s blue economy. The bond is backed by a WorldBank partial guarantee of USD5m, as well as by a USD5m concessional loan fromthe Global Environment Facility (GEF) to partially cover the deal’s interestpayments. According to the World Bank, fisheries are the country’s second mostimportant industry after tourism, employ 17% of the population and make up
around 95% of the total value of domestic exports.

Climate Bonds view

The blue bond has been included in the CBI green bond database as the financed
projects are aligned to the Land Use & Marine Resources sector of the Climate
Bonds Taxonomy. As underlined by the World Bank, fisheries and marine resources
are a key component of the Seychelles economy, as well as representing an
example of valuable water resources at risk of being impacted by the effects ofclimate change. The world’s first blue bond is therefore a great example of how
finance flows can be directed towards implementing resilience and adaptation
measures to preserve fisheries and water ecosystems.
➢ The Fisheries & Aquaculture Criteria are in the process of being developed
and will provide screening metrics and benchmarks to indicate low carbon
and climate resilient fisheries.
➢ The Adaptation and Resilience Expert Group (AREG) was launched inNovember 2018 and the Adaptation and Resilience Principles are expected
to be opened for public consultation in June 2019.

Underwriters
Deal comments
Credit Rating
Pricing summary

Investors summary

1

Calvert Impact Capital, Nuveen, and U.S. Headquartered Prudential
Financial, Inc (source)

Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign