Guyana is among 14 regional countries eligible to bid for grant financing from the Inter-American Development Bank (IDB) on sustaining the ocean economy.
According to a release from the IDB, the bank through its Multilateral Investment Fund (MIF), Natural Capital Lab, Sustainable Islands Platform, and in alliance with the Compete Caribbean Partnership Facility, will identify firms and organizations looking to pilot and boost business models that use cutting edge technologies to aid the sustainable management of oceans, marine ecosystems and coastal resources.
Qualifying entities will be considered by the IDB to implement a development project to pilot the so-called blue economy model in one of the 14 target countries.
The funding requests should be within a range of US$150,000 to US$500,000 for non-reimbursable technical assistance (grants). Proposals for loans should be within a range of US$500,000 to US$2,000,000 and the entity involved should contribute at least 50% of the project budget.
The Blue Tech Challenge, the release says, seeks to support business models that apply new technologies to deliver products and/or solutions that foster the long-term sustainability of the ocean economy in the following 14 target countries: The Bahamas, Barbados, Belize, Guyana, Haiti, Jamaica, Suriname, Trinidad and Tobago, Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines.
The release said that the Sustainable Development Goals recognize the critical contribution the ocean makes to the world economy, and particularly to the development of the smallest and most vulnerable nations. It said that in most Caribbean island countries, close to 100% of the population depends on the oceans for their basic livelihood, food security, and economic development.
“Yet, over-exploitation of marine ecosystems and increased pollution are causing damage to ocean ecosystems and natural capital. The `blue economy’ concept emerges as a unique opportunity to address sustainable management of oceans and marine ecosystems countries, as well as a promising avenue for economic diversification and sustainable growth”, the release said.
It added that since every sector of the blue economy is affected by the technological advances, it is crucial to take advantage of this trend to pilot new approaches, develop new materials, and implement novel approaches that deliver pragmatic and tangible solutions for business models.
The initiative is also supported by UK’s DFID, CDB and the Government of Canada.
