Fiji Blue Bond

The economy of Fiji contracted by nearly 20% in 2020 as a result of Covid 19 and the forecasts for 2021 are for a further significant shrinkage. The decline in the tourism industry in particular (40% of GDP) led to significant increases in unemployment within the formal sector and knock on effects in the informal sector which represents 66% of the economy. The marine environment is central to Fiji’s tourism industry and the hiatus presents an opportunity to consider how to both recover the economy and sustainably manage Fiji’s blue resources into the future. In 2022, the Fijian Government developed the Fijian Sustainable Bond Framework to enable the issuance of thematic bonds related to Fiji’s sustainable development ambitions. This Framework builds on the experience and Green Bond Framework of the Fiji Sovereign Green Bond issuance in 2017, with the intention of issuing other thematic bonds, starting with a Blue Bond in 2023. The UK contributed to the UN-led Fiji blue bond programme to support the government