19 Sep, 2018E27.CO
Meloy Fund, an impact investment fund dedicated to supporting sustainable coastal fisheries in Indonesia and the Philippines, announced today a US$5 million investment for its first fund from Dutch development bank FMO.
The investment was made through the MASSIF fund, which is managed by FMO on behalf of the Dutch government.
This brings the Meloy to a final close at over US$22 million.
Meloy is a wholly-owned subsidiary of Rare, a global conservation organisation dedicated to helping communities around the world protect and maintain their natural resources in harmony with their environment. Meloy Fund partners with Rare’s global fisheries recovery programme, Fish Forever, to break apart the tragedy of the commons which, under open-access regimes, has led to rampant overfishing and destructive fishing for decades. As a result of placing local ownership of fisheries in fishers’ hands for the first time, financial incentives can be directed to safely motivate the adoption of sustainable behaviours.
Together with Rare, Meloy Fund seeks to make invest debt and equity investments in fishing and seafood-related enterprises in the two Southeast Asian countries that will lead to better management and protection of historically undervalued community-based coastal fisheries, as well as opportunities to boost the livelihoods of local, small-scale fishers.
Rare estimates Indonesia and the Philippines represent 4.3 million fishers, 2.7 million tons of fish, 21 million hectares of critical marine habitat and US$4 billion in latent value to be unlocked if sustainability can be achieved.
Working with partners ranging from finance institutions to civil society organisations and investors, FMO invests in over 80 countries, supporting jobs, income generation and a more liveable planet. A supporter of the United Nations’ Sustainable Development Goals, FMO’s role extends beyond financing, helping businesses to operate and grow transparently in an environmentally and socially responsible manner.
“FMO is proud to join the Meloy Fund and contribute to the creation of economic opportunities for small-scale fisheries in Indonesia and the Philippines,” said Maurice Scheepens, Investment Officer of the Agri, Food & Water department at FMO. “The partnership with Rare, which provides amongst others technical expertise and networks, ensures that inclusive development is linked with the conservation of critical marine habitat.”
“With support from FMO, the Meloy Fund is in a strong position to demonstrate how private capital can support sustainable coastal ecosystems and communities in the Coral Triangle,” said Dale Galvin, Managing Director of Rare’s Sustainable Markets group and Managing Partner of the Fund.
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