ASIATODAY.ID, SUVA – The Asian Development Bank (ADB) announced the Frontier Seed (Pacific) program and identified the first two companies to receive funding and support.
The ADB Frontier Seed (Pacific) program aims to develop local capital markets and support businesses that are building local industries contributing to inclusive and sustainable growth in frontier markets.
ADB Frontier Seed (Pacific) program signed a $200,000 cost-recoverable technical assistance agreement with SeaPAC Pte Ltd, a saltwater prawn producer in Fiji, to support the commercialization of Fiji’s prawn industry and promote food security. ADB Frontier also signed a $200,000 cost-recoverable technical assistance agreement with Kahuto Pacific, an aerial mapping company, to help develop new mapping offerings, to increase the availability of coastal data for the Pacific.
“Through ADB Frontier, we are taking a bold step forward by providing risk capital,” said ADB Deputy Regional Director for the Pacific Emma Allen, March 13, 2025.
“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.”
“The Government of Fiji welcomes ADB’s Frontier Seed (Pacific) program as a vital initiative to support our local industries and drive sustainable economic growth,” said Fiji’s Deputy Prime Minister Manoa Kamikamica.
“By supporting innovative businesses like SeaPAC and Kahuto Pacific, this program directly contributes to Fiji’s vision of a resilient and self-sufficient economy. This initiative strengthens our private sector development and creates jobs.”
The ADB Frontier Seed (Pacific) program is supported by ADB, the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, the Nordic Development Fund and United Kingdom Foreign, Commonwealth and Development Office. ADB committed a total of $2 million and the ORCA Trust Fund also provided $2 million to the program.
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region. (AT Network)
Follow Us at Google News and WA Channel