LocationsBlue Accelerator Grant Scheme launch investment-ready projects in Fiji
February 9, 2023
Sea turtle over a coral reef, Fiji.
Suva, Fiji – The UN Development Programme (UNDP) in partnership with the Fiji Government and the UK Government marked the successful launch of the Blue Accelerator Grant Scheme (BAGS) and introduced the first cohort of eight local blue economy projects being supported by the BAGS.
The BAGS is the first project incubator of its kind in the region supporting civil society, private businesses, and cooperatives in implementing and scaling up transformative ocean-based solutions. The BAGS commenced its first round of project scoping and selection in June 2022 unlocking Fiji’s blue economic potential and catalyse ocean-related private sector development. The eight selected projects are receiving tailored technical and financial support through BAGS with an end goal of supporting projects to reach financial maturity and attract additional funding from financial institutions and investors.
Deputy Prime Minister and Minister for Trade, Cooperatives, Small and Medium Enterprises and Communication Hon. Manoa Kamikamica
Panelists for the Blue Accelerator Grant Scheme launch.
Deputy Prime Minister and Minister for Trade, Cooperatives, Small and Medium Enterprises and Communication Hon. Manoa Kamikamica highlighted, “The Blue Accelerator Grant Scheme demonstrates that if tailored business development support is paired with grant-based impact financing and clear pathway to scale, transformative projects that would have otherwise not seen the light of day can become increasingly viable and investable. If managed well, this can become the new template in making meaningful interventions in an Economy and in Fiji.”
Through a combination of business development assistance, and performance-based grant financing, the projects seek to address development challenges in key priority areas for Fiji's national development aspirations, such as sustainable aquaculture, marine conservation and protection, blue shipping and e-mobility, sustainable waste management, and sustainable Eco-tourism.
Deputy Prime Minister and Minister for Tourism and Civil Aviation Hon. Viliame Gavoka.
Lee-Anne Lee of the Uto Ni Yalo Trust on the BAGS panel discussion.
The eight businesses are demonstrating sustainable innovations from the Pacific and the BAGS is building partnerships between governments, industry, science, and civil society, putting knowledge, technology, and finance into action.
Deputy Prime Minister and Minister for Tourism and Civil Aviation Hon. Viliame Gavoka highlighted, “For Fiji to transition to a blue economy, we need to mobilise resources and expertise. We need to address barriers such as climate change awareness, knowledge, and technology adaptation. Transformative change will only be realised through accelerated, scalable, and financed initiatives. And we can do this with coalitions and partnerships.”
UNDP Deputy Regional Director for Asia and the Pacific, Mr. Christophe Bahuet said, “These eight projects will be making innovative contributions to the development of a blue economy in Fiji. They are also a source of green job creation, almost half of them for women. UNDP will back these projects with technical and financial assistance, and we hope that they will become examples of successful business development across the Pacific.”
UNDP Deputy Regional Director for Asia and the Pacific, Mr. Christophe Bahuet.
(L-R) Alex Reddaway of Leaf Capital Pte Limited, Jacqueline Connell of Asian Development Bank and Jean-Paul Penrose of British Government.
There are plans to do a second round of BAGS and replicate it in other Pacific countries including Vanuatu, the Federated States of Micronesia, and Solomon Islands. UNDP and the Fiji Government are currently working to mobilize resources for the scaling up of this initiative.
The BAGS is one of several instruments developed by UNDP to support the channelling of financing to the Blue Economy.
For more information contact:
Akosita Talei, Communications and Research Officer, Inclusive Growth Programme, UNDP Pacific Office, Suva, Fiji. Email: akosita.ratumaimuri@undp.org
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