The Asian Development Bank (ADB) has recently introduced its Frontier Seed (Pacific) initiative, aimed at promoting local capital markets and supporting businesses that focus on developing local industries in frontier markets. This program specifically targets what are known as “gazelle enterprises,” which are high-growth businesses with the potential to make significant economic contributions.
Two companies in Fiji received cost-recoverable technical assistance agreements of $200,000 (approximately FJ$458,000) each as part of this initiative. The first beneficiary, SeaPAC Pte Ltd, is involved in prawn production and will use the funding to enhance the commercialization of Fiji’s prawn industry, which plays a key role in promoting food security. The second recipient, Kahuto Pacific, specializes in aerial mapping and intends to expand its services to improve the availability of coastal data in the Pacific.
Emma Allen, the ADB’s deputy regional director for the Pacific, emphasized the program’s aim to provide risk capital that empowers businesses to showcase their growth potential, attracting new investors and building a resilient business ecosystem. Fiji’s Deputy Prime Minister, Manoa Kamikamica, praised the initiative for easing the financial burden on recipients and aligning it with Fiji’s vision for a resilient and self-reliant economy. He highlighted that fostering innovative enterprises like SeaPAC and Kahuto Pacific is crucial for driving local economic development and job creation.
Additionally, Mathew Viner, an ADB Frontier project consultant, remarked that the initiative targets small and medium enterprises (SMEs) that often find it challenging to secure traditional funding, underscoring a broader mission to support sustainability, particularly in relation to ocean-based and climate impact solutions. The ADB has allocated a total of $2 million for this program, which is complemented by funds from the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, signifying a concerted effort to bolster local economic growth.
The Frontier Seed program highlights ADB’s ongoing commitment to enhancing sustainability and resilience across the Asia-Pacific region, marking a positive direction towards strengthening local industries while addressing critical issues such as food security and climate resilience. The initiative represents a promising opportunity for nurturing growth-oriented businesses in Fiji, directly contributing to national development goals and the significance of local, innovative solutions for the future.
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