The Asian Development Bank (ADB) has launched the Frontier Seed (Pacific) program, an initiative designed to develop local capital markets and support businesses that drive inclusive and sustainable growth in frontier markets. As part of this program, ADB has selected the first two companies to receive funding and technical assistance.
Initial Investments in Fiji’s Local Industries
Under the ADB Frontier Seed (Pacific) program, ADB has signed two $200,000 cost-recoverable technical assistance agreements to support key industries in Fiji:
- SeaPAC Pte Ltd, a saltwater prawn producer, will receive funding to commercialize Fiji’s prawn industry, enhancing food security and strengthening the local aquaculture sector.
- Kahuto Pacific, an aerial mapping company, will use the funding to develop new mapping solutions and improve access to coastal data for the Pacific region.
Supporting Innovation and Private Sector Growth
Through ADB Frontier, we are taking a bold step forward by providing risk capital, said ADB Deputy Regional Director for the Pacific Emma Allen. By standing alongside business owners and sharing risk, we aim to demonstrate the potential of these companies, attract new investors, and contribute to a thriving business ecosystem.
Fiji’s Deputy Prime Minister Manoa Kamikamica welcomed the initiative, emphasizing its importance in supporting local industries and driving sustainable economic growth. By investing in innovative businesses like SeaPAC and Kahuto Pacific, this program strengthens private sector development, creates new jobs, and contributes to Fiji’s vision of a resilient, self-sufficient economy.
Funding and Strategic Partnerships
The ADB Frontier Seed (Pacific) program is backed by ADB and key partners, including:
- The Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund
- The Nordic Development Fund
- The United Kingdom Foreign, Commonwealth & Development Office
ADB and the ORCA Trust Fund have each committed $2 million to the program, reinforcing their shared commitment to sustainable economic development in the Pacific.
About ADB
ADB is a leading multilateral development bank dedicated to promoting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working closely with its members and partners, ADB leverages innovative financial tools and strategic partnerships to address complex challenges, support quality infrastructure, and protect the environment. Founded in 1966, ADB is owned by 69 member countries, including 49 from the region.
