UTOF TAKES A GIANT LEAP BY INVESTING IN FIJI’S BLUE ECONOMY

MEDIA ARTICLE

NOVEMBER 17, 2023

Unit Trust of Fiji is pleased to announce that it has successfully participated in the first-ever BLUE bond issued in the Pacific by the Fijian Government.

UTOF’s subscription is valued at $4 Million that equates to a total of 27 percent of the “15-year Bond term” that were issued.

UTOFML’s Chief Executive Officer Vilash Chand said the investment appeals to the social consciousness of the company to protect our environment, as a market leader in Fiji’s Capital Market industry; we are committed to work with the Government to support the sustainable development of our oceans and marine resources.

The blue bond is a financial instrument that was introduced globally in 2018 to finance projects such as sustainable aquaculture, marine conservation, and the development of renewable energy sources that can be used to power maritime activities. They are also used to support research and development initiatives that aim to improve our understanding of the ocean and the impact of human activities on marine ecosystems.

By providing funding for projects that benefit the ocean, blue bonds can help to ensure that this vital resource is protected for future generations.

Some quick facts.

· Total blue bond issue of F$ 20 Mn will fund the 18 eligible blue projects (the projects that promote sustainable use of ocean-based resources to support economic and social development).

· This investment signifies the UTOF’s commitment to support investments for the protection of our oceans and the overall blue economies aligned with the Sustainable Development Goals (SDGs).

· Fiji is the 26th largest ocean space in the world with 1.3 million km of ocean. Fiji’s ocean space is the habitat to 3.52% of the global coral reef population.

· Over 70% of Fijians live within 5 km of the coastline and many lives near one of Fiji’s 45 rivers. These statistics signify a strong direct and indirect linkage to the ocean and its waterways.