The Bahamas will refinance part of its debt to protect its famous turquoise waters

The Bahamas says it will refinance $300 million of its external debt to free up more than $120 million for marine conservation projects and climate change mitigation. It is the fifth such debt-for-nature swap in the world. The Bahamian government signed the deal announced Friday with The Nature Conservancy, the Inter-American Development Bank and other financial partners. The deal involves buying back the existing debt via a new loan with reduced interest rates, a move expected to free up some $124 million in funding. That money will be used for marine conservation projects for the next 15 years.