Background

Blue finance in Barbados

Blue finance is working with government, communities, NGOs and business leaders to establish a co-management arrangement for the conservation of coral reef habitats.

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 proposed BMMA is expected to assist with the restoration of Barbados┬┤ marine biodiversity, improve the tourism attractiveness of Barbados and create significant job opportunities in the tourism and fishery sectors.
The proposal would see the BMMA financed and managed without an increase in public investment and co-managed with a non-profit company, which would be in charge of providing the equipment and personnel at its own costs.  The co-management body in turn, would be advised by an Advisory Committee formed by members of government, NGOs and the 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. 3 additional Ministries: Finance and Economic Affairs, Industry, International Business, Commerce and Tourism have also indicated interest.
Background