Ghanapolitics: Malawi: The African Development Bank approves $13.2 million for sustainable fisheries, aquaculture development and watershed management

Thursday, 10 October 2019

Malawi: The African Development Bank approves $13.2 million for sustainable fisheries, aquaculture development and watershed management

The project is expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas

LILONGWE, Malawi, October 9, 2019/ -- The African Development Bank Group (www.AfDB.org) has approved a $13.2 million financing package from the African Development Fund for a fisheries and aquaculture development project in Malawi. The Sustainable Fisheries, Aquaculture Development, and Watershed Management project will provide infrastructure for increased fisheries productivity and market access. Board approval for the project was granted on 2 October 2019. The project is expected to contribute to nutritious diets, boost employment along the fish value chain, and build climate resilience along major watersheds.

The project’s estimated cost is $14.57 million, comprising an ADF loan of $8.98 million, a grant of $4.21 million. The Malawi government will contribute $1.38 million.

The project is expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas, as well as 250,000 fish processors, vendors, retailers, and interns, many of whom are youth and women along the value chain.

The project interventions will cover 11 lakeshore and three non-lakeshore districts, including the entire basins of Lake Malawi and Chilwa, part of the Shire River system, and selected upland areas using an ecosystem approach. Seventy-five percent of transboundary watersheds are in Malawi and they are critical fish breeding and nursery grounds.

Other expected benefits include sustained income from fisheries; increased recovery of Chambo stocks and higher incomes from value addition (processing, storage and related marketing activities). The increased access to fish protein consumption at the household level will improve nutrition in the region.

“The Bank is committed to supporting our regional member countries to make use of their living fisheries resources. This is crucial for building healthy diets and local consumption, facilitating regional trade and improving on the quality of life - especially for youth and women along the fish value chain,” said the Bank’s Blue Economy Flagship Coordinator, Dr. Ahmed Khan.

The approved resources will promote Malawi’s national development as outlined in its Malawi National Fisheries and Aquaculture Policy, its Growth and Development Strategy (MGDS III) and Malawi’s Vision 2020.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Amba Mpoke-Bigg
Communication and External Relations Department African Development Bank
email: a.mpoke-bigg@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

For more information: www.AfDB.org

SOURCE
African Development Bank Group (AfDB)

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