Deadline: 11-Jun-22
Applications are now open for Blue Financing Portfolio Development Grant Program in Fiji.
The Fijian Government, with support from the United Nations Development Program (UNDP), United Nations Capital Development Fund (UNCDF), and the UK Government, will be issuing sovereign blue bonds starting from the 2022-2023 financial year. The issuance will focus on raising capital market finance to support projects in four priority sectors: ‘Blue Shipping’, ‘Sustainable Fisheries’, ‘Blue Investment Fund’ and ‘Sustainable Waste Management’.
The RFA is to solicit proposals from financial institutions in Fiji that want to lay the foundations to grow their blue economy portfolio, and be ready to execute the Government’s grant funding that will be made available through the ‘Blue Investment Fund’ in 2023-2024.
Funding Information
- Through this RFA, the UN will award a cost-share, performance-based grant of USD 75,000 per financial institution operating in Fiji, with a possible top-up grant based on achievement of milestones.
Geographical scope
- Fiji
Duration
- Expecting up to 12 months duration from project kick-off to blue economy financing product pilot. However, the project duration ultimately should fit the typical product design and go-to-market leadtimes of the applicant, and therefore, can be shorter or longer than 12 months.
Eligibility Criteria
- Country of operation & Regulatory compliance
- The lead applicant must be a registered business entity operating in Fiji
- The lead applicant must be licensed and regulated by the Reserve Bank of Fiji to provide financial services in Fiji
- Track-record
- Has an existing SME lending portfolio
- Has an existing financing portfolio in blue economy sectors
- Financial sustainability: Key financial indicators such as profitability and portfolio quality based on annual reports or audited financial statements
- Project cost-sharing: Applicants must contribute at least 20% percent of the overall project costs in cash and/or in-kind. Examples of in-kind contributions: cost of existing personnel that will be involved in the project, cost of setting up a dedicated project team, office space, and other overheads.
- Consortia (when applicable):
- Applicants can apply only once under this RFA, whether independently or in a
- consortium.
- Joint applications between market players are accepted if the solution
- proposed will expand availability of investment pipeline; expands knowledge
- basis about financing to the blue economy sector; enhances investment
- screening and impact measurement capability of the applicant, among others.
- Applications from consortia of organizations must show that the partnership was established prior to send their proposal.
- The consortium partner must be a registered entity with at least one year of operations, and must have statutory accounts and audited financial statements for at least one operating year.
For more information, visit https://www.uncdf.org/article/7700/blue-financing-portfolio-development-grant