Meloy Fund gets additional funds for sustainable fisheries investment in Philippines and Indonesia
Dutch development bank FMO has invested USD 5 million (EUR 4.3 million) into the Meloy Fund, a partnership founded in 2016 to conduct impact investment supporting sustainable coastal fisheries in Indonesia and the Philippines.
The Meloy Fund is managed by the nonprofit conservation group Rare and provides equity to sustainable small-scale fishing-related enterprises in the Philippines and Indonesia. With a portfolio of EUR 9.2 billion (USD 10.7 billion) invested in more than 80 countries, FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food, and water. FMO’s investment was 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,” Maurice Scheepens, an investment officer in FMO’s Agri, Food, and Water department said in a press release. “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.”
The fund has now raised more than USD 22 million (EUR 18.9 million) from financial backers including the Global Environment Facility, the Jeremy and Hannelore Grantham Environmental Trust, Bloomberg Philanthropies, and JPMorgan Chase.
The Meloy Fund is seeking 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.”
The fund is part of a larger initiative of Rare's Sustainable Markets Group to create financial incentives and innovative public-private collaborations to scale conservation solutions in communities with coastal fisheries. The Meloy Fund previously announced a USD 1 million (EUR 965,000) investment in Filipino fishing, processing and exporting firm Meliomar in December 2016.
“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,” Meloy Fund Managing Partner Dale Galvin said. “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.”