Mombasa: The Kenya Marine and Fisheries Research Institute (KMFRI), in partnership with the National Bank of Kenya (NBK), is championing innovative financing pathways to unlock Kenya's Blue Economy potential. The two institutions convened a high-level side event during the just-concluded Western Indian Ocean Marine Science Association (WIOMSA) Scientific Symposium in Mombasa, leading discussions on sustainable financing models that could accelerate growth in the sector.
According to Kenya News Agency, the session, themed 'Unlocking the Blue Potential,' brought together key players from government, research, finance, and insurance sectors to deliberate on financing mechanisms that drive growth, build resilience, and ensure responsible use of ocean resources. KMFRI Director General Dr. Paul Orina underscored the importance of research-driven investment in the sector, highlighting the current underfunding and the lack of adequate knowledge about existing ocean resources.
Representing the State Department for Blue Economy and Fisheries, Deputy Project Coordinator of the Kenya Marine Fisheries and Socio-Economic Development (KEMFSED) Project and Aquaculture Director Susan Otieno lauded the forum for bringing together like-minded organizations to explore innovative financing mechanisms that uplift fisher communities. NBK Director of Corporate Banking Ken Ouko, speaking on behalf of the Managing Director, emphasized the need to address policy and regulatory bottlenecks while improving data availability to attract capital into the sector.
Delegates examined the potential of blue bonds and blended finance models as catalytic tools for advancing marine and coastal initiatives. Discussions also underscored the need for strong partnerships among financial institutions, government, and the private sector to align strategies, pool resources, and deliver long-term impacts for both people and the planet. Participants called for sustained collaboration and bold financing approaches to harness Kenya's vast marine potential, ensuring a sustainable and prosperous future for coastal communities and the nation at large.