The Minister stated that while blue bonds are the most ideal financing facility for sustainable development projects, smaller nations face multiple challenges in securing these.
Minister of Economic Development and Trade Mohamed Saeed has said that there are difficulties faced in finding eco-friendly financing facilities to conduct sustainable development projects in the most environmentally vulnerable countries, and emphasized the importance of establishing easier means of sourcing such funding.
Saeed made these comments while speaking at the Regional Asia-Pacific Blue Economy Forum being co-hosted in the Maldives with UNDP and Foreign, Commonwealth & Development Office, UK.
The Minister stated that while blue bonds are the most ideal financing facility for sustainable development projects, smaller nations face multiple challenges in securing these.
Saeed further said that broadening the scope and participation of the private sector, as well as small and medium enterprises, would contribute towards increasing the economic growth pace. As such, he said, it is crucial to explore ways to further empower the private sector.
While MVR 14 billion needs to be sought for this years budget, MVR 771 million of this is to be through sale of green or blue bonds.
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