The Fiji Development Bank (FDB) has recently introduced its Sustainable Blue Finance Framework, designed to support Fiji’s blue economy and align with the nation’s sustainable development goals. Launched last week, this framework aims to redirect FDB’s lending products towards projects that benefit marine and coastal ecosystems.
The initiative was developed in collaboration with the United Nations Development Programme (UNDP) and UN Capital Development Fund (UNCDF) over a two-year period. The FDB emphasized a comprehensive internal assessment followed by consultations to ensure the framework meets the needs of the blue economy. At the launch event, CEO Filimoni Waqabaca discussed the framework’s guidelines and the extensive training provided to staff across various branches earlier this month.
Waqabaca reiterated the bank’s commitment to sustainable practices, ensuring that their financial support minimizes any negative social or environmental impacts. The FDB aims to raise capital and provide loans to both public and private sectors in Fiji, facilitating transitions to more sustainable business models by offering interest rate concessions.
Assistant Minister for Finance Esrom Immanuel highlighted the significance of this framework, viewing it as a bold move towards addressing the climate challenges and supporting sustainable marine enterprises. “The ocean defines our homes and shapes our lives,” he stated, emphasizing the importance of preserving marine resources for future generations.
Starting April 1, the FDB’s Sustainable Blue Loans will be available for projects that align with specific environmental and social benefits outlined in the Fijian Sustainable Bond Framework. Projects receiving priority will cover blue shipping, sustainable fisheries, eco-tourism, and sustainable agriculture, ensuring equitable access to funding for small and medium-sized enterprises, particularly those led by women and youth.
This initiative reflects a growing trend within Fiji to leverage local financial resources for sustainable development. The FDB aims to collaborate with various partners to utilize domestic liquidity—estimated to be over $1 billion—to create innovative solutions that unlock new financing opportunities, as highlighted by Immanuel during the launch.
Waqabaca expressed optimism about the momentum building around the Sustainable Blue Finance Framework, emphasizing its potential to foster economic resilience in the face of environmental challenges. By aligning with international development agencies and prioritizing local entrepreneurs, the FDB is paving the way for a sustainable and prosperous blue economy.
Overall, the launch of the framework heralds a hopeful shift towards sustainable economic practices in Fiji, showcasing the government’s commitment to protecting marine ecosystems while promoting economic growth. As the FDB embarks on this new venture, it opens doors for businesses ready to embrace sustainable operations, ensuring that the country’s natural resources are preserved for future generations.
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