KfW supports the Sustainable Ocean Fund (SOF) with EUR 25 million

By investing in the sustainable use of Caribbean coastal and marine areas, their biodiversity can be preserved and protected in the long term. To achieve this objective, KfW Development Bank is supporting the Sustainable Ocean Fund (SOF). 

The Caribbean island states are among the key global areas of terrestrial and marine biodiversity with a very high proportion of endemic species. The coral reefs, which are still widespread, are among the most biodiverse ecosystems on earth.

The Sustainable Ocean Fund was founded in 2018 to promote small and medium-sized enterprises (SMEs) in the so-called “blue economy”. These companies are united in their commitment to the sustainable use of the ocean and the preservation and conservation of its biodiversity. Depending on their needs, the globally operating SOF grants SMEs loans or equity capital for their further growth. Three areas will be supported: 1) sustainable fisheries and aquaculture, 2) circular economy and 3) sustainable marine economy.

The fund aims at a volume of up to USD 150 million and intends to have this amount fully invested by the end of 2021. KfW will be the largest investor in the fund with a share of EUR 25 million. Other development banks including the Dutch FMO, the European Investment Bank (EIB) and the Inter-American Development Bank (IDB) also participate in the fund, which contributes to the Clean Oceans Initiative (COI), among other projects.

KfW’s funds are to be invested exclusively in the Caribbean, where many small island developing states are particularly affected by the negative impacts of climate change and the unsustainable use of their marine resources.

Original source: KfW
Published on 31 October 2019