African Union Sets 2028 Deadline to Integrate Blue Economy Plans Into National Budgets
AU member states have committed to creating blue-economy financing mechanisms by 2027 and integrating maritime development plans into national budgets by 2028 The Luanda Declaration introduces new tools including blue funds, sovereign blue bonds, debt-for-nature swaps and blended-finance mechanisms The commitments aim to move Africa's blue economy agenda from policy. . .
AU member states have committed to creating blue-economy financing mechanisms by 2027 and integrating maritime development plans into national budgets by 2028The Luanda Declaration introduces new tools including blue funds, sovereign blue bonds, debt-for-nature swaps and blended-finance mechanismsThe commitments aim to move Africa's blue economy agenda from policy frameworks to funded programs and measurable investmentsAfrican Union member states have agreed to establish national and regional blue-economy financing mechanisms by 2027 and integrate the African Union Blue Economy Strategy into national laws, budgets and development plans by 2028. The commitments were adopted through the Luanda Declaration on July 24 during the Third Africa Blue Economy Week in Angola, setting continent-wide deadlines for governments to finance and implement maritime development programs. Under the declaration, countries will develop financing instruments including national blue funds, sovereign blue bonds, debt-for-nature swaps, blended-finance vehicles and biodiversity credit mechanisms to support investment in ocean and inland water resources. Member states also agreed to introduce blue-economy accounting systems to measure the sector's contribution to national economies and establish a continental monitoring framework from 2026 to 2030, with progress reports submitted every two years to African Union heads of state. While several African countries have adopted national blue-economy policies following the African Union's Blue Economy Strategy, the 2050 Africa's Integrated Maritime Strategy and the Lomé Charter, financing gaps have limited the transition from policy commitments to operational programs. The commitments address a major challenge facing Africa's blue economy the African Union has identified: mobilizing investment. The African Union identifies fisheries, maritime transport, coastal tourism, offshore energy and marine ecosystems as sectors with economic potential, but many projects have remained dependent on government funding and development assistance. By requiring dedicated financing mechanisms and integration into public investment plans, the declaration seeks to create a more predictable framework for attracting private and concessional capital. The financing tools included in the declaration reflect growing use of market-based approaches for marine investment. Blue bonds, blended finance and debt-for-nature swaps are increasingly being used to fund projects such as sustainable fisheries, coastal infrastructure, marine conservation and climate adaptation while reducing pressure on public finances. Africa's blue economy agenda is supported by the continent's extensive maritime and freshwater resources. According to the African Union, 38 of Africa's 55 countries are coastal, while the continent's marine areas include seven Large Marine Ecosystems and extensive inland waterways. More than 200 million Africans rely on fish for food security, while around 10 million livelihoods depend directly on fisheries. Several countries have already tested financing models that the AU now wants to expand. Seychelles issued Africa's first sovereign blue bond in 2018 to support sustainable fisheries, while Gabon completed mainland Africa's first debt-for-nature swap in 2023, expected to generate around $125 million for marine conservation over 15 years. The Luanda Declaration seeks to turn these country-level initiatives into a broader continental investment framework by linking blue-economy priorities with national budgets, private financing and regional development strategies under Agenda 2063. By Cynthia Ebot Takang