IFAD grant for development of Eritrean fisheries sector

US$ 12.6 million IFAD grant for development of Eritrean fisheries sector

Eritrean news: Rome, 14 September 2010 – The International Fund for Agricultural Development (IFAD) is supporting a grant in Eritrea with the goal of raising production and productivity in the fisheries sector, while conserving fish stocks and the marine ecosystem.

This grant agreement for the Fisheries Development Project of US$12.6 million was signed today at IFAD headquarters in Rome by Zemede Tekle Woldetatios, Ambassador of Eritrea and Kanayo F. Nwanze, President of IFAD.

Eritrea’s coastal area, once home to a strong fisheries sector, has been destroyed by decades of war. The country has some of the few remaining underexploited fish stocks in the world, however, little support has been provided to the country’s fishing communities to take advantage of these rich resources.

IFAD’s supported project aims to strengthen the artisanal fisheries sector and ensure sustainable resource management, this will contribute to reducing poverty by increasing the fishery sector’s contribution to the national economy, as well as improving food security in the region.

The project will reach about 6000 households made up of poor artisanal fishers, foot fishers, women, young people and demobilized soldiers living in the regions of Assab, Massawa and the 70 villages along the Red Sea coast. Target groups will receive support to form cooperatives in order to access boats and equipment on credit. Training will be provided to fishers both men and women, to carry out shore-based activities such as net-making. They will also have the possibility of owning boats.

With this new programme, IFAD will have financed 4 projects in Eritrea for a total investment of US$ 55.8 million.

Source: ReliefWeb English News

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