Facilitated finance for a sustainable fishing fleet
In the wake of Hurricane Iota’s destruction of the strategic fishing fleet in Colombia’s Providencia and Santa Catalina Islands, the Global Fund for Coral Reefs (GFCR) is supporting a pioneering blended finance solution to rebuild reef-dependent livelihoods while promoting coral reef conservation. Through a partnership with the Old Providence and Ketlina Islands Association of Independent Fishers (I-FISH), GFCR funding has catalyzed access to commercial credit, supplemented by debt relief, to support the recovery and modernization of sustainable fishing vessels. In return, I-FISH commits to implementing conservation actions such as adopting responsible fishing practices and contributing to no-take zones. This approach relieves pressure on nearshore reefs and allows fishers to return to traditional, more sustainable fishing grounds offshore, while reinforcing the resilience of coral ecosystems and Raizal community livelihoods.
The intervention includes the development of a sustainability fund, empowering I-FISH to save and reinvest for future emergencies or social needs, and provides support for financial strategy, governance, and capacity-building. Additionally, the programme supports fisheries monitoring and the co-creation of responsible fishing guidelines in collaboration with fishers and authorities. With an initial commercial loan of US$220,000 and GFCR-backed debt relief of over US$100,000, the initiative has already enabled the purchase of a new vessel, Raizal Spring—a symbol of both cultural pride and sustainable innovation. This model demonstrates the power of locally driven, equity-focused finance to restore marine livelihoods, regenerate reef ecosystems, and serve as a replicable blueprint for other coastal communities globally.
The below diagram illustrates the structure of this finance solution:
