[Photo: EUROPEAN UNION]

A major new regional fund aimed at helping Pacific businesses access finance, attract investment and drive sustainable growth has been launched in Suva.

The Sustainable Pacific Blue Circle Fund was officially launched by the European Union, the United Nations Capital Development Fund and the United Nations Development Programme, with the Fiji Government hosting the event.

The initiative will support micro, small and medium enterprises across Fiji, Papua New Guinea, Samoa, Solomon Islands and Vanuatu, particularly businesses operating in the blue economy, green economy and climate resilience sectors.

Speaking at the launch, Minister for Finance and Business Development Esrom Immanuel said the fund directly addresses one of the biggest challenges facing Pacific businesses — access to finance.

Immanuel says while small businesses are the backbone of the economy and support thousands of livelihoods, many continue to struggle to secure funding and become investment-ready, especially those in rural and climate-vulnerable communities.

He says the initiative will help businesses strengthen their operations, improve investment readiness and access sustainable financing opportunities needed to grow and create jobs.

European Union Ambassador to the Pacific Barbara Plinkert says the Pacific holds enormous potential in the blue and green economy sectors, but stronger partnerships and targeted investment are needed to unlock that potential.

She says the fund demonstrates the European Union’s long-term commitment to supporting Pacific entrepreneurs, businesses and communities while helping build a more resilient and sustainable future.

UNDP Pacific Resident Representative and UNCDF Representative Munkhtuya Altangerel says Pacific businesses do not lack innovation or ambition, but often lack the support needed to turn ideas into growth, jobs and stronger communities.

She says the fund is designed to bridge that gap and provide businesses with the tools and support required to succeed.

UNCDF Asia Pacific Investment Lead Maria Perdomo says the initiative represents a new approach to unlocking capital in markets often overlooked by traditional financing systems.

The fund will provide technical assistance, incubation support, partnerships with financial institutions and blended finance solutions to help businesses become more competitive and investment-ready.

Officials say the initiative aligns with the Pacific’s long-term development vision under the 2050 Strategy for the Blue Pacific Continent and will contribute to goals related to economic growth, climate action, gender equality and sustainable ocean-based development.

The Sustainable Pacific Blue Circle Fund is being led by UNCDF and implemented in partnership with UNDP, with support from the European Union. It is expected to play a key role in strengthening the Pacific’s private sector and accelerating sustainable economic development across the region.