Axa XL to put $30M in credit insurance toward Bahamas marine conservation

Axa XL, a unit of Axa SA, will provide $30 million in credit insurance to a debt-for-nature swap in the Bahamas that aims to unlock $124 million to fund ocean conservation.

Under the swap, the Bahamas will refinance $300 million of its external debt backed by a $300 million loan funded by Standard Chartered, The Nature Conservancy said Friday in a statement announcing the project.

The swap is backed by a $200 million partial credit guarantee provided by the Inter-American Development Bank; a $70 million collateralized credit guarantee provided by Builders Vision, an impact investment platform; and the $30 million credit insurance from Axa XL.

The project will enable the Bahamas to support marine conservation projects for the next 15 years.