President James Michel meets with new CEO of SeyCCAT
President James Michel met with Mr. Martin Callow, the Chief Executive Officer of the Seychelles’ Conservation & Climate Adaptation Trust (SeyCCAT) at the Espace building this morning. The meeting was also attended by the Chief Executive Officer of the James Michel Foundation, Mr. Jacquelin Dugasse.
During their meeting, Mr. Michel and Mr. Callow discussed the work of SeyCCAT as well as the projects of the Foundation and the ways that the two organisations can collaborate together in the future to foster new partnerships.
The Seychelles’ Conservation & Climate Adaptation Trust (SeyCCAT) was created by the Seychelles Government under the debt-for-conservation swap agreement with the Paris Club, during the time of Mr. Michel’s presidency.
SeyCCAT has purchased the debt with a loan from The Nature Conservancy (TNC) and will manage the endowment and enforce the terms of the debt forgiveness agreement. After 20 years, the endowment is expected to be fully capitalized at nearly $10 million and will pay out approximately $600,000 per year to fund continued marine conservation and climate adaptation activities by investing in the Seychelles’ marine spatial planning process, its climate adaptation policies, and a sustainable source of financing for conservation.