The Meloy Fund closes additional $7m of funding
The close included the Global Environment Facility (GEF), the Fund’s anchor investor, as well as Ceniarth, LLC, a single-family office which funds market-based solutions that benefit underserved communities. They join a diverse group of family offices, investment managers, and foundations already invested, according to a statement.
"As the anchor investor in the Meloy Fund, we are committed to catalyzing private sector action and investment to address the drivers of environmental degradation and trigger systems change. This investment helps support our commitment to safeguard the critical marine ecosystems in Indonesia and the Philippines. A key area for GEF innovation has been the use of non-grant instruments (NGI) to offer concessional finance for crowding-in of private sector investment. As the anchor investor, the GEF’s non-grant equity investment in the Meloy Fund helped catalyze private sector action and investment, and is an example of how the GEF can successfully expand innovative blended finance to natural resources management and translate non-grant innovations across key sectors," Naoko Ishii, CEO and chairperson of the GEF, said.
The Fund also announced the finalization of a partial debt guarantee with the USAID. The guarantee assistance will help the Fund’s borrowers expand their sustainable fish and seafood production or supplemental livelihood activities, resulting in increased incomes for fishers and application of sustainable practices and technologies to protect coastal systems.
"USAID is pleased to partner with the Meloy Fund to support small and medium fish and seafood enterprises that increase productivity, advance inclusive economic development and help conserve biodiversity," Lawrence Hardy, USAID/Philippines Mission Director, said.
The Fund’s projected social and environmental impacts include the improvement in the lives of 100,000 fishers and their household members while placing 1.2 million hectares of coastal habitats, including coral reefs, seagrass beds, and mangroves, under improved management.
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