Low-Interest Loan Facility to Support Private Sector Investment in Climate-resilient Agriculture and Fisheries
A Climate-Resilient Marine Spatial Plan will guide the protection and sustainable use of the Virgin Islands’ marine environment. It will define key zones for conservation, fisheries, recreation, and development—supporting climate resilience while enabling a balanced blue economy.
Introduction
Agriculture and fisheries face significant impacts from climate change that reduce production and increase the risk and cost of doing business.
At the same time, farmers and fishers face unique challenges to accessing finance to support their businesses, making the task of adaptation and transition to renewable energy even more difficult.
The Impact
This project will design and pilot a revolving Low-Interest Loan Facility aimed at making it affordable for farmers and fishers to implement a wide variety of projects to make their farms and fishery operations more resilient to hurricanes, floods and other climate change impacts, leading to reduced impact from climatic events and slow onset changes.
The design scope will include consultation with farmers and fishers to assess business development, resiliency and financing needs; consultations with The Virgin Islands Climate Change Trust Fund and potential partnering banks to deliver the Facility; development of an Operational Manual to guide the Facility; development of technical support tools to assist farmers and fishers interested in accessing the Facility; and development of marketing/promotional materials. The Facility would be designed taking into account lessons learnt from similar facilities in the region and piloted over at least a 3-5-year period.
The Problem
Crops and fishing boats damaged by hurricanes
The Solution
Accessible finance options for fishermen
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