IDB launches ‘Blue Tech’ challenge

…up to US$2M in funding for proposals

The Inter-American Development Bank (IDB) is set to focus on firms and organisations that are looking to upgrade its business models with technologies that will contribute to the sustainable management of oceans, marine ecosystems and coastal resources.
According to the Bank, up to US$2 million will be awarded to eligible companies which can demonstrate “cutting-edge technologies” during the ‘Blue Tech Challenge’ which was materialised through its Multilateral Investment Fund (MIF), Natural Capital Lab, Sustainable Islands Platform, and in alliance with the Compete Caribbean Partnership Facility.
To qualify, entities will be considered by the IDB to implement a development project to pilot the blue economy model in one of the 14 target countries.  The funding requests should be within a range of US$150,000 to US$500,000 for non-reimbursable technical assistance in the form of grants.
Additionally, proposals for loans should be within a range of US$500,000 to US$2,000,000 and the proponent entity should contribute at least 50 per cent of the project budget.
It is a way of fostering long-term sustainability of the ocean economy in the targeted countries which include The Bahamas, Barbados, Belize, Guyana, Haiti, Jamaica, Suriname, Trinidad and Tobago, Antigua and Barbuda, Dominica, Grenada, St Lucia, St Kitts and Nevis, and St Vincent and the Grenadines.
“The Sustainable Development Goals recognise the critical contribution the ocean makes to the world economy, and specifically to the development of the smallest and most vulnerable nations.”
In majority of the Caribbean Island countries, almost 100 per cent of the population depend on the oceans for their basic livelihood, food security, and economic development. In contradiction to that, over-exploitation of marine ecosystems and increased pollution are causing damage to ocean ecosystems.
As such, the challenge emerged as a unique opportunity to address sustainable management of oceans and marine ecosystems countries.
“Since every sector of the blue economy is affected by the technological advances, it is essential to take advantage of this trend to pilot new approaches, develop new materials, and implement novel approaches that deliver pragmatic and tangible solutions for business models that, at the same time, foster the long-term sustainability of the ocean economy.”
Qualifying entities will become part of the IDB Group’s network of global innovators working in the Caribbean region poised to exchange knowledge, expertise, best practices, and with ample opportunities to participate in IDBG’s related regional networking events.