Press release: FMO Investment Propels Meloy Fund Past $22 Million for Sustainable Coastal Fisheries
The Meloy Fund I, LP, the world’s first impact investment fund dedicated to supporting sustainable coastal fisheries in Indonesia and the Philippines, today announced a $5 million investment from FMO, the Dutch development bank. This brings the fund to a final close at over $22 million. FMO joins a diverse group of family offices, investment managers, and foundations already invested.
Working with partners ranging from finance institutions to civil society organizations and investors, FMO invests in over 80 countries, supporting jobs, income generation and a more livable planet. A supporter of the United Nations’ Sustainable Development Goals, FMO’s role extends beyond financing, helping businesses to operate and grow transparently in an environmentally and socially responsible manner. FMO’s approach demonstrates that strong financial returns and positive impact in developing countries and emerging markets can go hand-in-hand. The investment in the Meloy Fund is made through the MASSIF fund, which is managed by FMO on behalf of the Dutch government.
“FMO is proud to join the Meloy Fund and contribute to the creation of economic opportunities for small-scale fisheries in Indonesia and The Philippines” said Maurice Scheepens, Investment Officer of the Agri, Food & Water department at FMO. “The partnership with Rare, which provides amongst others technical expertise and networks, ensures that inclusive development is linked with the conservation of critical marine habitat.”
“With support from FMO, the Meloy Fund is in a strong position to demonstrate how private capital can support sustainable coastal ecosystems and communities in the Coral Triangle,” said Dale Galvin, Managing Director of Rare’s Sustainable Markets group and Managing Partner of the Fund. “We’re thrilled to partner FMO, which brings a keen eye to impact investing opportunities, and a breadth and depth of institutional experience that will help us deliver significant triple-bottom-line results to our investors.”
Together with global conservation organization Rare, The Meloy Fund seeks to invest in fishing and seafood-related enterprises in Indonesia and the Philippines that will lead to better management and protection of historically undervalued community-based coastal fisheries, as well as opportunities to boost the livelihoods of local, small-scale fishers. Together, Rare estimates these two nations represent 4.3 million fishers, 2.7 million tons of fish, 21 million hectares of critical marine habitat and $4 billion in latent value to be unlocked if sustainability can be achieved.
Photo courtesy of GotCredit.
Source: Press release