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international experiences exclusively linked of the financing of ports with sustainable Figura 2 – Possibilidades de Financiamento para a Economia Azul
to the financing of ocean activities. design, in which high-hazardous cargo . Financing Possibilities for the Blue Economy
The first is the World Bank’s Pro Blue and oil terminals receive risk manage-
program, started in 2018, which aims, ment with an investment greater than
in its main objective, to sustainably de- the expenditure on equipment itself, im-
velop the maritime economy, especially plementing a policy of accountability and Sector Funds Fintechs
in emerging economies. Selection takes management parallel to the introduction
place through projects and World Bank of equipment (TIRUMALA; TIWARI, 2020).
funds are accompanied by specialized A third initiative is located in Seychelles,
technical advice to ensure the success of in the Indian Ocean, off the coast of Africa,
the venture (SATIZÁBAL; DRESSLER; FA- where the local government, in partnership
BINYI et al., 2020; McFARLAND, 2021). In with the World Bank, launched the so-
many ways, it finds a parallel in other lines called Blue Bonds, or Blue Bonds, guaran- Venture Capital, Venture Capital,
of the institution, such as funds aimed at teed by the multilateral body but managed with diversified risk with accentuated risk
basic sanitation or education. by the local government (KEMPER, 2019;
The World Bank program, on a perma- MATHEW; ROBERTSON, 2021). The acqui-
nent basis, is also the first to be designed sition of these bonds is the guarantee that
by a multilateral institution (NAGIBA; they are invested in the ocean sector, which
HSING; HUANG; TANAKA, 2021; Mc- is central to the development of the nation.
FARLAND, 2021) and its recent applica- But as it is a small nation, which collects few Private investment Referenced Sector
tion demonstrates that the initiative can taxes and whose bonds are poorly recom- bank portfolios Indices
be replicated by other banks and invest- mended in the international market, the
ment companies located in Brazil, such as World Bank guarantees the issuance of this
BNDES, BRDE, BNB and BASA. debt, with long-term redemption (KEMPER,
Following the same tradition of multi- 2019; McFARLAND, 2021).
lateral institutions collaborating to finance This formula, in which the bond guar-
ocean activities, the Asian Development antee, redemption term and fund adminis-
Bank in 2019 launched credit lines aimed tration are shared, indicates a possibility for Issuance of Public investment
at Asia and the Pacific Ocean (NAGIBA; HS- subnational governments around the world, government bonds bank portfolios
ING; HUANG; TANAKA, 2021). As a region but especially for Brazilian states and munic- with own or third-
with a strong oceanic impact, in transport, ipalities. Insofar as many of them are signifi- party guarantees
defense, fishing and population location, cant economies, but with reduced credibility
and as a growth axis of the world econo- due to their subnational characteristics, or
my, the main concern of the program is to without the power to issue money, the for-
guarantee sustainable exploration and co- mula can be applied in local projects. It is nec- Source: author’s elaboration
ordination between different nations, giv- essary to consider the perspective that many
en that the effects on region of an action Brazilian coastal municipalities and states
can be felt in various communities and have economies superior to that of Sey-
nations (MATHEW; ROBERTSON, 2021). chelles, determining an opportunity, within
It is important to note the participation the limits of institutional indebtedness.
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600 BLUE ECONOMIY Financing Alternative for the Brazilian Blue Economy 601
