A Review Of Innovative Sources Of Funding Blue Economy In Africa

Abstract

This study aimed at reviewing innovative sources of funding blue economy in Africa. The study was guided by two theories: economic theory and market efficiency theory of innovation. The study reviewed selected innovative sources of funding blue economy namely, Blended Finance, Blue bonds, Development impact bonds, Debt swaps, Crowdsourcing-Diaspora financing, and contingently recoverable grants. Qualitative desk review from research papers, journal articles, textbooks and the websites were used in the study. The study recommends that there is need to strengthen the ocean governance and the knowledge and capacity of those living around the coastal environment and the authorities that are tasked with ensuring the preservation of the oceanic resources. Additionally, exploration of the limited oceanic resources requires a coordinated effort from players in both the public and private sectors. This will ensure the availability of innovative and sustainable financing initiatives that will go a long way into ensuring that the potentials of this resource are channeled into economic development.