Bappenas Encourages Blue Financing For Blue Economy Development

Bappenas building. (Photo: Doc. Antara)

JAKARTA - The Indonesian government through the Ministry of National Development Planning/National Development Planning Agency (PPN/Bappenas) encourages innovative funding of blue financing (blue funding) for the development of blue economy development in Indonesia.

Acting Deputy for Maritime Affairs of the Ministry of National Development Planning/Bappenas Vivi Yulawati said the funding of seven development agendas as stated in the 2020-2024 RPJMN requires funding of 1,641.3 billion US dollars, while the state budget is only able to fund 20-25 percent of these needs.

"This innovative funding for blue financing is expected to be one of the sources that contribute to covering the existing funding gap," said Technical Workshop Blue Finance Strategy, quoted by Antara, Wednesday, September 14.

So far Bappenas has compiled a major policy, namely the Blue Economy Development Framework and the SDGs Security Framework which are then translated into a Blue Finance Policy Note-shaped strategy through World Bank support which is expected to form one of the basis for blue funding policies in Indonesia.

It is hoped that it can support economic growth from the marine and fisheries sector in a sustainable manner.

Vivi also hopes that the Blue Finance Strategy workshop can harmonize understanding between sectors both in government and other stakeholders regarding Blue Financing related to funding and financing opportunities from government and private sources.

In addition, it can also map the roles and programs of related parties in supporting the implementation of the blue financing program in Indonesia and the Policy Note Blue Finance study that has been compiled by the Ministry of National Development Planning/Bappenas together with the World Bank can be socialized.

Director of Maritime Affairs and Fisheries at the Ministry of National Development Planning/Bappenas Sri Yanti JS hopes that the implementation of Blue Finance can be carried out immediately and can be fully supported by various relevant stakeholders.

"We hope that after the technical workshop there will be a follow-up in the form of a national workshop to be able to further determine more concrete and strategic steps for the implementation and development of blue funding in Indonesia. There must be a Blue Finance Instrument Guideline document as a reference for all relevant stakeholders as a guide," said Yanti.