BPAF Disburses First Marine Conservation Grants Under Groundbreaking Debt Conversion Initiative
NASSAU, The Bahamas — The Bahamas Protected Areas Fund (BPAF) has successfully awarded its first round of competitive grants under the Marine Conservation Program established through The Bahamas Debt Conversion Project for Marine Conservation, signaling a major step forward in sustainable ocean financing for the country.
At a ceremony held at the British Colonial, February 12, BPAF presented $399,242 in grant funding to nine Bahamian organizations. The awards represent the first competitively distributed funds under the country’s historic debt conversion transaction and underscore BPAF’s role in channeling long-term, dedicated financing toward marine protection and climate resilience.
Launched in November 2024, The Bahamas Debt Conversion Project was developed in collaboration with the Government of The Bahamas, The Nature Conservancy (TNC), the Inter-American Development Bank (IDB), Standard Chartered Bank, and other international partners. The transaction unlocked approximately $124 million in funding for marine conservation over a 15-year period, including a guaranteed minimum of $1.2 million annually to support marine protection, climate adaptation, and sustainable livelihoods — largely through grants to non-governmental and community-based organizations.
As the designated conservation trust fund under the agreement, BPAF is responsible for managing these resources and ensuring a transparent, merit-based grant allocation process.
“Today we turn innovative finance into tangible action,” said Glenn Bannister, Chair of the BPAF Board. “These inaugural grants reflect our commitment to accountability and local leadership. By investing directly in Bahamian organizations, we are strengthening protected area management and supporting the communities that depend on healthy marine ecosystems.”
Established in 2014, BPAF was created to secure sustainable funding for the Bahamas National Protected Areas System and to advance conservation initiatives vital to the country’s environmental and economic resilience. The Fund has consistently supported climate adaptation, institutional strengthening, and disaster recovery efforts, including significant contributions following Hurricane Dorian.
The nine organizations receiving the first Marine Conservation Program awards are:
Bahamas National Trust
Waterkeepers Bahamas
Bahamas Reef Environment Educational Foundation (BREEF)
Friends of the Environment (Abaco)
Bahamas Undersea Research Foundation
Blue Action Lab
Bahamas Marine Mammal Organization
ORG Bahamas
ImagiNation Ink
Funded initiatives span a broad range of priorities, including coral restoration, marine protected area management planning, youth environmental education, baseline marine research, NGO capacity building, community-led park management, climate-smart planning, and the development of sustainable livelihoods within the blue economy.
Karen Panton, Executive Director of BPAF, emphasized that the awards ceremony was intentionally integrated into a grants writing workshop. “We want emerging and prospective applicants to see what is possible,” she said. “BPAF is investing not only in projects, but in people — expanding the national pool of capable grantees and equipping Bahamian organizations to access funding opportunities regionally and internationally.”
BPAF acknowledged the contributions of its partners, including the Government of The Bahamas, The Nature Conservancy, the Inter-American Development Bank, and Standard Chartered Bank, as well as members of the Grants Review Committee and supporting teams who ensured a rigorous evaluation process.
“These first awards mark the beginning of a transformative journey,” Bannister added. “Over the next 15 years, this initiative will provide unprecedented support for marine conservation and sustainable development. BPAF remains committed to ensuring that every dollar entrusted to us delivers measurable, lasting impact for The Bahamas.”
