ADB Launches “Frontier Seed” to Boost Private Sector Growth and Ocean Impact in the Pacific

The Asian Development Bank (ADB) has launched the Frontier Seed (Pacific) program to support local businesses, strengthen capital markets, and promote sustainable economic growth in the Pacific region. The initiative focuses on developing local industries and fostering inclusive and resilient economies. Under this program, ADB has signed $200,000 technical assistance agreements with SeaPAC Pte Ltd, a prawn production company, and Kahuto Pacific, an aerial mapping firm, to help advance their respective industries. The program is backed by multiple international partners, including the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, the Nordic Development Fund, and the United Kingdom Foreign, Commonwealth and Development Office (FCDO). With an initial commitment of $4 million, the initiative is expected to attract investors, create jobs, and enhance economic resilience in the region.

Key Points

• Program Launch: ADB introduced the Frontier Seed (Pacific) program to support private sector growth and ocean impact in the Pacific region.
• Objective: The program aims to develop local capital markets, foster private sector growth, and promote sustainable economic development.
  Initial Investments:
• SeaPAC Pte Ltd (Fiji): Received $200,000 technical assistance to support the commercialization of Fiji’s prawn industry and improve food security.
• Kahuto Pacific: Received $200,000 technical assistance to enhance aerial mapping services and improve coastal data availability in the Pacific.
• ADB’s Role: The bank is providing risk capital to businesses, standing alongside entrepreneurs to demonstrate their potential and attract more investment.

Fiji Government’s Support

• Deputy Prime Minister Manoa Kamikamica welcomed the initiative, calling it a key step towards economic resilience and self-sufficiency.
• The program aligns with Fiji’s vision for private sector growth and job creation.

Funding & Partners

• ADB committed $2 million to the program.
• The ORCA Trust Fund also contributed $2 million.
• Other key supporters include the Nordic Development Fund and the UK FCDO.

ADB Overview

• ADB is a multilateral development bank established in 1966, with 69 member countries (49 from Asia-Pacific).
• Focuses on sustainable infrastructure, financial innovation, and strategic partnerships to drive regional development.