DEVELOPMENT NEWS
Making Liberia’s fishing industry sustainable and efficient
More than US$20 million in new OPEC Fund financing will benefit more than 55,000 people
T he OPEC Fund for International Development is committing a US$20 million loan and a US$240,000 complementary technical assistance grant to the Republic of Liberia to co-finance the Sustainable Management of Fisheries Project together with the World Bank. The project will improve the management of fisheries, making them both more efficient and sustainable. This will enhance the living conditions of beneficiary communities, creating better incomes and new opportunities for over 55,000 people, including women, children and youth. Fisheries are one of the main sources of income in Liberia and generate around 10 percent of the agricultural sector’s production and 3 percent of the country’s GDP. The funding marks the first loan-grant hybrid since the recent restructuring of the OPEC Fund’s grant program. This hybrid financing will enable the OPEC
Fund to support critical infrastructure and to provide resources targeted at capacity building of the project’s beneficiaries. The project will cover nearly 90 percent of Liberia’s coastline in the six counties Montserrado, Margibi, Maryland, Grand Bassa, Sinoe and Grand Kru. It aims to improve the ecosystem of fisheries, promote sustainability, increase the volume of fish landings and create more than 2,000 jobs. The fisheries project also will help to implement climate-smart technologies and climate- resilient business improvements and infrastructure. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “We are pleased to partner with the World Bank to support Liberian fisheries, boosting livelihoods and empowering women. Ensuring the productivity of fisheries and reducing post-harvest losses will not only improve living conditions and reduce economic vulnerability,
but also contribute to food security and climate adaptation in Liberia.” The OPEC Fund’s technical assistance grant financing will specifically support 6,600 women through financing and training. Women entrepreneurs in fisheries will receive training in post-harvest value systems, business development and financial management to sustain and further grow their businesses. The project will land around 2,000 jobs The technical assistance grant will support 6,600 women through financing and training 47
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