ADB grants loan of over €24 million to improve fisheries and aquaculture sectors, benefitting some 700,000 people
ADB grants loan of over €24 million to improve fisheries and aquaculture sectors, benefitting some 700,000 people . COTE D’IVOIRE, Africa – The board of directors of the African Development Bank Group approved a loan of €24.63 million to Côte d’Ivoire to boost the development of fisheries and aquaculture value chains. This funding will enable the country, which has been undergoing rapid growth, to increase the sector’s contribution to the blue economy, both […]
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COTE D’IVOIRE, Africa – The board of directors of the African Development Bank Group approved a loan of €24.63 million to Côte d’Ivoire to boost the development of fisheries and aquaculture value chains. This funding will enable the country, which has been undergoing rapid growth, to increase the sector’s contribution to the blue economy, both nationally and locally.

“The bank’s involvement in this project will facilitate the establishment of aquaculture and fisheries-related infrastructure, improve skills within the fisheries sector, contribute to improved governance of sea, lagoon and inland fisheries, and promote the development of commercial aquaculture through training and the implementation of a reliable system for the production of high-quality fry and feed,” said Joseph Ribeiro, the African Development Bank’s deputy director general for West Africa.

The project to develop competitive aquaculture and fisheries value chains will provide post-secondary education, incubator programmes, and social entrepreneurship for start-ups. The project will also help the establishment and implementation of integrated and participatory management plans for sea, lagoon and inland fisheries that prioritise small-scale commercial fishing species.

In addition, the project plans to improve fishing methods by supporting public and private fish farms in Loka, Dompleu and Jacqueville, in the west and south of the country. It also includes the development of a procedures manual and seed certification conducted by an independent agency.

The project will be implemented in three primary areas of Côte d’Ivoire coastline, including the towns of Abidjan, Jacqueville and Assinie in the south, and the departments of San Pedro, Tabou, Grand Béréby and Sassandra in the south-west. Inland water bodies and rivers, low-lying areas, artesian wells and flood plains scattered across the catchment areas in the centre of the country (departments of Man, Bouaké, Toumodi, Yamoussoukro, Soubré and Béoumi), as well as the Kossou and Buyo dam lakes, have also been earmarked.

At least 700,000 people will benefit directly or indirectly from the programme, which will be rolled out over a five-year period (2025-2029). The initiative stems from a project preparation facility that financed environmental and social feasibility and safeguard studies, improvements to the institutional framework for governance of the blue economy and an investment plan for blue economy sectors.

Côte d’Ivoire is one of the principal partner member countries of the African Development Bank Group. On 31 March 2024, the bank group’s active portfolio in the country comprised 43 operations, with financial commitments of over €3 billion.
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2024-11-10
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COTE D’IVOIRE, Africa – The board of directors of the African Development Bank Group approved a loan of €24.63 million to Côte d’Ivoire to boost the development of fisheries and aquaculture value chains. This funding will enable the country, which has been undergoing rapid growth, to increase the sector’s contribution to the blue economy, both […]
The post ADB grants loan of over €24 million to improve fisheries and aquaculture sectors, benefitting some 700,000 people appeared first on Caribbean News Global.
ADB grants loan of over €24 million to improve fisheries and aquaculture sectors, benefitting some 700,000 people