Speaking during the Lau Provincial Council meeting, Conservation International Fiji Director of Nature Finance, Sepeti Tagilala says the Lau Seascape Stewardship Impact Facility Fund has been created to support small micro-enterprises operating in the Lau Group, where access to finance remains a major challenge.
Tagilala says Lau's geographical isolation, high transport and logistics costs, and the reluctance of commercial banks to provide business loans have made it difficult for many entrepreneurs to grow their businesses.
He says to address this, Conservation International has committed about $250,000 to de-risk lending, allowing a banking partner to establish a dedicated loan portfolio for small businesses in the Lau Group.
Tagilala says the initiative is part of a broader long-term strategy that will eventually lead to the establishment of the Lau Seascape Trust Company, which will focus on attracting and supporting larger investment-grade projects across the province.
He says the objective is to improve the socio-economic wellbeing of people in Lau by creating jobs, increasing household incomes and providing more opportunities for people to earn a living from the resources available in their own communities.
Tagilala says another key goal is to encourage Lauans who have moved to urban centres in Fiji or overseas to return home and invest in businesses that sustainably utilise the province's natural resources.
Insert: Tagilala on utilising the land 15th July 26
He says this could also help reduce unemployment and some of the social challenges affecting young people who have migrated away from the islands in search of work.
Tagilala says the project is the result of almost nine years of extensive due diligence, during which Conservation International invested about $12 million to assess the economic potential of the Lau Group.
He says the research identified a number of commodities and industries that can be expanded, value-added and exported to both local and international markets.
Tagilala says the findings are also being used by the Yatu Lau Company, which is exploring commercial, manufacturing and retail investment opportunities in the province.
He says delegates at the Lau Provincial Council meeting have responded positively to the initiative, recognising the need for better access to finance to stimulate economic activity in the Lau Group.
Tagilala says planning for the project began in 2015 after the chiefs of Lau sought greater involvement and control over the management and development of the province's natural resources.
He says the Lau Seascape covers about 30 percent of Fiji's Exclusive Economic Zone, making it one of the country's most significant marine areas and highlighting the importance of investing in a sustainable blue economy for future generations.
