Sagarmala Finance Corporation Limited (SMFCL) is preparing to float India's first-ever blue bond, with the proceeds going to sustainable port, shipping and ocean-economy ventures. SMFCL is the country's first Non-Banking Financial Company (NBFC) devoted solely to the maritime sector, and it intends to mobilise ₹600 crore by issuing 10-year debt securities. The money will be channelled into maritime lending, greenfield ports and coastal road works. Blue bonds are special debt instruments that pay for the sustainable use and protection of oceans and water ecosystems. Seychelles floated the first sovereign blue bond in 2018, while in 2021 Belize turned to a debt-for-ocean swap to fund the conservation of its marine areas.