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.

The Bahamas has unlocked more than $120 million to fund the conservation and management of its oceans and mangroves with a debt swap financed by Standard Chartered and backed by the private sector.

AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, is providing $30 million in insurance to the Bahamas

It is the fifth such debt-for-nature swap in the world, with the Bahamian government signing the deal with The Nature Conservancy, the Inter-American Development Bank and other financial partners.

Standard Chartered Plc has wrapped up a $300 million deal that will allow the Bahamas to refinance debt and allocate savings to ocean conservation.