Deputy prime minister Biman Prasad, fourth from left, said they will also be seeking investment from philanthropists and donors as the country strives to stand on its own feet. Photo: UNDP
The Fiji government, with the backing of the United Kingdom and the United Nations Development Programme, has launched the country's first ever sovereign blue bond.
The Fiji Sovereign Blue Bond (FSSB) is a device to allow Fiji to attract funds from private investors as the country confronts climate change and the sustainable management of its maritime resources.
Deputy prime minister Biman Prasad said they will also be seeking investment from philanthropists and donors as the country strives to stand on its own feet in dealing with the threats posed by climate change.
Dr Prasad said the Blue Bond will allow the government to implement its climate and conservation work without compromising its existing socio-economic commitments.
"It will help set the foundations of the growth of new and emerging sectors, such as aquaculture at a very nascent stage at this moment, marine engineering, waste management and using public/private partnerships in the establishment of community-led, coastal business in marine protected areas," he said.
Dr Prasad said investors would be doing more than investing in the Blue Bond, but would be investing in Fiji's future and helping grow sectors in which their respective organisations will have an opportunity to grow.
British High Commissioner to Fiji, Dr Brian Jones said the blue bond demostrates the commitment of Fiji and UK to safeguard the oceans.
"Supporting the blue bond, we think it's a global responsibility, a global effort to combat climate change and to protect our vital marine diversity.
"It is also about showing people the way about education and awareness about the critical importance of our oceans in making sure that the next generation understand that this is not all about words but through finance, through innovation and through global support, we can make a physical difference."
The UNDP said the collaboration of the bond with international organisations and stakeholders will ensure that Fiji's blue bond protects the global impact on oceans.
It addition, it said it would help "protect Fiji's vital national treasure a vital aspect of the country's economy and its thriving tourism sector".