Blue finance is working with government, communities, NGOs and business leaders to establish a co-management arrangement for the conservation of 70% of the most endangered coral reef habitats of Barbados.
Our work is aimed at finding long term, sustainable financing for and to assist in the establishment of the Barbados Marine Management Area (BMMA). The BMMA is expected to restore Barbados marine biodiversity, improve the tourism attractiveness of Barbados and create significant job opportunities in tourism and fishery sectors.
The BMMA will be financed and managed without an increase in public investment. The Operator of the BMMA is expected to be set-up through an “Operation, Maintenance & Management (O&M&M)” agreement with the government. The Operator, with private capital, will be in charge of the asset investments and management of the BMMA. Hoteliers, tourism businesses, HNW individuals, NGOs, schools, fisher cooperatives and local communities are expected to become shareholders. The Operator will be steered by an advisory committee formed by members of government, NGOs and private sector.
The Blue finance project in Barbados is supported by the Government of Barbados and implemented by the Coastal Zone Management Unit, Ministry of the Environment and Drainage with the support from the Ministry of Tourism and the Ministry of Industry, International Business, Commerce and Small Business Development.
Meetings have been held with local stakeholders and government relevant agencies. There is full support of the project from the Private Tourism sector, who are extremely interested in becoming a business partner in the new management regime, under specific conditions of fund management. Some Fishers are “open” to the idea of the MMA, as a means of preserving their livelihood.