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, with the Bahamian government signing the deal with The Nature Conservancy, the Inter-American Development Bank and other financial partners.

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. By spending $215.