Coastal fishery. (Photo: Rare)
Impact investment fund strengthens support to sustainable coastal fisheries
Wednesday, November 22, 2017, 00:20 (GMT + 9)
Impact fund Meloy Fund I, LP, has partnered the U.S. Agency for International Development (USAID) to help safeguard the critical marine ecosystems of coastal fisheries in Indonesia and the Philippines, with additional USD 7 million funding. In this way, the total collected capital amounts to USD 17 million.
The Global Environment Facility (GEF), the Fund’s anchor investor, as well as Ceniarth, LLC, a single-family office which funds market-based solutions that benefit underserved communities, also participate in this financial aid. These entities join a diverse group of family offices, investment managers, and foundations already invested.
“As the anchor investor in the Meloy Fund, we are committed to catalyzing private sector action and investment to address the drivers of environmental degradation and trigger systems change,” pointed out Naoko Ishii, CEO and chairperson of the GEF.
The Fund also announced the finalization of a partial debt guarantee with the USAID. The guarantee assistance will help the Fund’s borrowers expand their sustainable fish and seafood production or supplemental livelihood activities, resulting in increased incomes for fishers and application of sustainable practices and technologies to protect coastal systems.
“USAID is pleased to partner with the Meloy Fund to support small and medium fish and seafood enterprises that increase productivity, advance inclusive economic development, and help conserve biodiversity,” pointed out Lawrence Hardy, USAID/Philippines Mission Director.
The Fund’s projected social and environmental impacts include the improvement in the lives of 100,000 fishers and their household members, while placing 1.2 million hectares of coastal habitats, including coral reefs, seagrass beds, and mangroves, under improved management.