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According to the Bank’s website, the Asian Development Bank (ADB) will set up and administer the ADB Frontier Seed (Pacific) technical assistance (TA) to identify and fund growing small and medium-sized enterprises (SMEs) with the potential to transform and/or create local industries, contributing to sustainable and inclusive growth in Pacific developing member countries (DMCs).
The Bank identified the first two companies to receive funding and support: SeaPAC Pte Ltd and Kahuto Pacific.
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.
According to the Technical Assistance Report:
Environment: Not Applicable
Involuntary Resettlement: Not Applicable
Indigenous Peoples: Not Applicable
The TA financing amount is $2 million, which will be financed on a grant basis by ADB’s Technical Assistance Special Fund (TASF 7).
ADB committed a total of $2 million and the ORCA Trust Fund also provided $2 million to the program.
ADB plans to expand the activities by seeking additional cofinancing, targeting a total TA budget of $5 million.
No contacts available at the time of disclosure.
ACCESS TO INFORMATION
You can submit an information request for project information at: https://www.adb.org/forms/request-information-form
ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.