Financing Healthy Oceans

The Eastern Tropical Pacific Marine Conservation Corridor (CMAR) spans 500,000 square kilometers and was established in 2004 by Ecuador, Costa Rica, Colombia, and Panama to promote the conservation and sustainable use of coastal and marine resources. The corridor includes four UNESCO World Heritage Sites and is home to over 6,700 species and 37 million people. World Bank analyses in 2023 and 2024 identified opportunities to enhance CMAR's regional management by strengthening the CMAR Secretariat. The CMAR Ministerial Committee has replaced the temporary Secretariat with a permanent one, based in Panama City, with four permanent staff members and secured funding for its first three years. Future World Bank assistance will focus on governance, coordination, and capacity building, including developing CMAR's 2025-2035 Action Plan and a communications strategy. Financing mechanisms for the Action Plan may include public debt swaps, project finance, official development assistance, and blue bonds