Ref: 2025/PR/186
The Government of Maldives, in collaboration with the United Nations Development Program (UNDP) convened a side event today under the title “Blended Finance Opportunities for Marine Biodiversity” on the sidelines of the Fourth International Conference on Financing for Development (FfD4).
The event featured a keynote speech by Vice President of the Republic of Maldives Hussain Mohamed Latheef. In his remarks, he noted the importance of healthy oceans for sustainable development, and the importance of sustained investment to realise that goal. The Vice President shared the Maldives’ commitment to design and launch innovative mechanisms - including blended finance mechanisms - to bridge the ocean finance gap.
The side event introduced two projects that Maldives is carrying out through blended financing: one being coral reef insurance and the other in supporting Micro, Small and Medium Enterprises (MSMEs). A panel discussion featuring the Deputy Chief Executive Officer of the Capital Market Development Authority, Ms. Fathimath Abdulla Kamaaluddeen, Technical Specialist in Climate Finance and Investment at UNDP, Mr. Charles Yu, Deputy Director of the Global Fund for Coral Reefs (GFCR), Mr. Yabanex Batista, and Policy Lead – International Finance at the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), Ms. Giorgia Racis convened soon after.
Panelists shared their experiences in designing blended finance instruments and regulatory reform to support blended finance and blue economy investments. Discussions focused on showcasing the new strategies that shape the future orientation of multilateralism, among which blended finance and systems of risk layering present a positive-sum-game for developing countries, donors, and the private sector.
The side event provided the opportunity for SIDS with rich marine ecosystems like Maldives, who are challenged by escalating climate vulnerabilities, to explore more sources of financing as well.