Ritika Pratap 
[Source: Sakiasi Ditoka/ Facebook]
United Nations Assistant Secretary-General, Kanni Wignaraja says Pacific Small Island Developing States are fast becoming exciting test beds for innovative sustainable development solutions that utilize the immeasurable wealth of our oceans.
Speaking during the launch of the Blue Accelerator Grant Scheme 2.0, and Drua Innovation Small Grants Scheme in Nadave, Wignaraja says this is the first incubator of its kind in Fiji and the Pacific.
She says it seeks to address the need to support viable investment-ready projects in the blue economy space by incubating a pipeline of transformative projects that attract and leverage private financing.
BAGS is already supporting eight transformative projects across the country.
[Source: Sakiasi Ditoka/ Facebook]
At present, 20 projects centered on the Blue Economy and climate solutions are being supported, with the expectation to extend this to 27.
The second iteration of the BAGS will call for funding proposals from non-government organizations working in the blue economy space, focusing on five key thematic areas aligned to Fiji’s national development priorities.
UNDP’s growing focus in the Blue Economy sector falls in line with the 2050 Strategy for the Blue Pacific.
Wignaraja says in Fiji, they have been working with Government to incubate a robust pipeline of blue projects that can be scaled up using blended finance solutions such as a sovereign blue bond, bilateral budget support, credit guarantee support, and private equity solutions.
Much of this work is being housed at the Centre for Appropriate Technology and Development in Nadave, with the site now expanding its foothold with the creation of the Bau Innovation Hub.
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