ADB plans to dole out $100 million on marine fisheries development
ADB plans to dole out $100 million on marine fisheries development
The Metro Manila-based Asian Development Bank (ADB) plans to spend $100 million on a new “Sustainable Coastal and Marine Fisheries Project” which is expected to be approved next year.
The project was discussed during a meeting between Minister of Agriculture, Forestry and Fisheries Veng Sakhon and ADB senior official Anthony Gill on December 16.
Gill said $60 million of the project’s financing would come from ADB – a $50 million loan and $10 million grant – $10 million from the ASEAN Infrastructure Fund and $30 million concessional loan from Agence Francaise de Developpement (AFD), the development arm of the French government.
He asserted that the project would help the fisheries sector to prop up adaptation and mitigation measures specifically tailored to each coastal and marine ecosystem, enhance climate-resilient post-harvest infrastructure, and bolster investment in safe and sustainable value chains as well as financing for marine fisheries management.
Ung Try, deputy director of the Fisheries Administration (FiA) under the Ministry of Agriculture, Forestry and Fisheries, told The Post that the FiA is working with stakeholders on how to gather and use accurate information.
He stressed that the latest ADB project would be a major endeavour that requires careful consideration before implementation.
The FiA is also reviewing the specific tasks involved in the project, he said, adding that the fisheries, coastal and maritime sectors are in need of development partners, especially local communities based in the four coastal provinces – Koh Kong, Preah Sihanouk, Kampot and Kep.
“The ADB-launched project aims to utilise the potential of the Cambodian coast, which is more than 445km long, for sustainable benefits for both fisheries and ecotourism,” Try said.
