Conservation and Climate Adaptation Trust of Seychelles Act, 2015 (No. 18 of 2015).
Type of law
This Act establishes the Conservation and Climate Adaptation Trust of Seychelles as a corporate body. It also defines the objects functions and powers of the Trust and provides with respect to its administration. The Trust shall be instrumental in administering debt swap transactions for purposes of supporting the long-term management and expansion of the Seychelles system of protected areas and other activities which contribute substantially to the conservation, protection and maintenance of biodiversity and the adaptation to the climate change as identified through consultations with stakeholders. The Trust shall, as long as it receives the debt swap incomes, each year use at least 35 percent of the annual payments received from the debt swap incomes to deposit in the Endowment Fund in order to generate income by investing the Endowment Fund in such appropriate manner as the Board of the Truist may determine. "Debt swap incomes" means the payments received by the Trust in respect of the debt swap transactions (between the Trust and the Seychelles in respect of repayment, rescheduling, forgiveness or cancellation of sovereign debt). The Trust may advice the Government on matters affecting any protected area or eligible protected area.
Long title of text
An Act to provide for establishment of the Conservation and Climate Adaptation Trust of Seychelles for the purpose of regulating the debt swap transactions and for matters connected therewith or incidental thereto.
Date of text
Entry into force notes
The Act shall come into operation on 19th November, 2015 (S.I. 56 of 2015).