The Star (St. Lucia) - Business Week - - NEWS RELEASE -

The IDB, through its Mul­ti­lat­eral In­vest­ment Fund (MIF), Nat­u­ral Cap­i­tal Lab, Sus­tain­able Is­lands Plat­form, and in al­liance with the Com­pete Caribbean Part­ner­ship Fa­cil­ity, which is also sup­ported by DFID, CDB and the Gov­ern­ment of Canada, will iden­tify firms and or­gan­i­sa­tions look­ing to pilot and scale up busi­ness mod­els that use cut­ting edge tech­nolo­gies to con­trib­ute to 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 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 pro­po­nent en­tity should con­trib­ute with at least 50% of the pro­ject bud­get.

The Blue Tech Chal­lenge seeks to sup­port busi­ness mod­els that ap­ply new tech­nolo­gies to de­liver prod­ucts and/or so­lu­tions that fos­ter the longterm sus­tain­abil­ity of the ocean econ­omy in the fol­low­ing 14 tar­get coun­tries: 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 Sus­tain­able De­vel­op­ment Goals rec­og­nize the crit­i­cal con­tri­bu­tion the ocean makes to the world econ­omy, and specif­i­cally to the de­vel­op­ment of the small­est and most vul­ner­a­ble na­tions. In most Caribbean is­land coun­tries, close to 100% of the pop­u­la­tion de­pend on the oceans for their ba­sic liveli­hood, food se­cu­rity, and eco­nomic de­vel­op­ment. Yet, over­ex­ploita­tion 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.

Since every sec­tor of the blue econ­omy is af­fected by the tech­no­log­i­cal ad­vances, it is es­sen­tial 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 that, at the same time, fos­ter the long-term sus­tain­abil­ity of the ocean econ­omy.

Qual­i­fy­ing en­ti­ties will be con­sid­ered for re­ceiv­ing fi­nanc­ing and/or tech­ni­cal as­sis­tance to im­ple­ment a pilot for the blue econ­omy model pro­posed in one of the tar­get coun­tries. Qual­i­fy­ing en­ti­ties will also be­come part of the IDB Group’s net­work of global in­no­va­tors work­ing in the Caribbean re­gion poised to ex­change knowl­edge, ex­per­tise, best prac­tices, and with am­ple op­por­tu­ni­ties to par­tic­i­pate in IDBG’s re­lated re­gional net­work­ing events.

Im­por­tant dates: Sub­mis­sion of pro­pos­als: By Novem­ber 30, 2018 Pre­lim­i­nary Re­view: De­cem­ber 1– De­cem­ber 17 Ad­vi­sory Panel re­view and due dili­gence vis­its: Jan­uary 7– Jan­uary 31, 2019 An­nounce­ment of Se­lected Pro­pos­als: Fe­bru­ary, 2019


The In­ter-Amer­i­can De­vel­op­ment Bank is ded­i­cated to im­prov­ing lives. Founded in 1959, the IDB is the main source of long-term fi­nanc­ing for the eco­nomic, so­cial and in­sti­tu­tional de­vel­op­ment of Latin Amer­ica and the Caribbean. The IDB also con­ducts ad­vanced re­search and pro­vides pol­icy ad­vice, tech­ni­cal as­sis­tance and train­ing to pub­lic and pri­vate sec­tor clients in the re­gion.


The Mul­ti­lat­eral In­vest­ment Fund serves as an IDBG in­no­va­tion lab­o­ra­tory to pro­mote de­vel­op­ment through the pri­vate sec­tor by iden­ti­fy­ing, sup­port­ing, test­ing and pi­lot­ing new so­lu­tions to de­vel­op­ment chal­lenges and seek­ing to cre­ate op­por­tu­ni­ties for the poor and vul­ner­a­ble pop­u­la­tions in the LAC re­gion.


Com­pete Caribbean (CCPF) is an in­no­va­tion and part­ner­ship fa­cil­ity that de­liv­ers in­no­va­tive and prac­ti­cal so­lu­tions that stim­u­late eco­nomic growth, in­crease pro­duc­tiv­ity, and fos­ter in­no­va­tion and com­pet­i­tive­ness in 13 coun­tries across the Caribbean re­gion. CCPF is a part­ner­ship be­tween the In­ter-Amer­i­can De­vel­op­ment

Bank (IDB), the United King­dom Depart­ment for In­ter­na­tional De­vel­op­ment (UKAid), the Caribbean De­vel­op­ment Bank (CDB) and the Gov­ern­ment of Canada.

In most Caribbean is­land coun­tries, close to 100% of the pop­u­la­tion de­pend on the oceans for their ba­sic liveli­hood, food se­cu­rity, and eco­nomic de­vel­op­ment

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