Business

IDB launches Blue Tech Challenge; up to US$2M in funding for blue economy proposals

Wednesday, September 26, 2018

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Grants of up to US$500,000 are being offered for companies with blue economy development projects.

The Inter-American Development Bank (IDB) through its Multilateral Investment Fund, Natural Capital Lab, Sustainable Islands Platform, and in alliance with the Compete Caribbean Partnership Facility – which is also supported by DFID, CDB and the Government of Canada – will identify firms and organisations looking to pilot and scale up business models that use cutting edge technologies to contribute to the sustainable management of oceans, marine ecosystems and coastal resources.

Qualifying 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, according to a news release on Monday.

The funding requests should be within a range of US$150,000 to US$500,000 for non-reimbursable technical assistance (grants). Proposals for loans should be within a range of US$500,000 to US$2,000,000, and the proponent entity should contribute to at least 50 per cent of the project budget.

The Blue Tech Challenge seeks to support business models that apply new technologies to deliver products and/or solutions that foster the long-term sustainability of the ocean economy in the following 14 target countries: 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.

Proposals can be submitted between September 17, 2018 and November 30, 2018. An announcement of successful submitted proposals will be made in February 2019.

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