Kenya Marine and Fisheries Research Institute (KMFRI) in partnership with the National Bank of Kenya (NBK) is championing alternative 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 to discuss to financing models that can accelerate growth in the sector.

Themed, Unlocking the Blue Potential, the session brought together key players from government, research institutions, finance and insurance sectors to deliberate on financing mechanisms that drive growth, build resilience and ensure responsible use of ocean resources.

KMFRI Director General Paul Orina addressed the importance of research-driven investment in the sector.

“The blue economy remains underfunded, and there is a lack of adequate knowledge about existing ocean resources. This forum provides a timely platform to review the business case for investing in the blue economy,” he said.

Representing the Department for Blue Economy and Fisheries, Deputy Coordinator of Kenya Marine Fisheries and Socio-Economic Development (KEMFSED) Project and Aquaculture Director Susan Otieno lauded the forum for bringing together like-minded organisations to explore alternative financing mechanisms to uplift fisher communities.

NBK Director of Corporate Banking Ken Ouko, who represented the managing director, emphasised the need to address policy and regulatory bottlenecks while improving data availability to attract capital into the sector.

“It is critical to understand the scope of the blue economy in order to identify viable investment opportunities,” he said.

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.

• A Tell Media / KNA report / By Chari Suche