WB approves $ 25 million credit to develop fisheries [Archives:2005/904/Local News]

SANA'A, Dec. 15)The World Bank (WB) approved last Friday a US$25 million loan to the Government of Yemen in order to improve fisheries and marine wealth management and conservation in Yemen, which is the second most important source of export revenues for Yemen amounting to US$210 million in 2004.

The fisheries and marine wealth have become a major source of employment and income for some of the poorest population in Yemen who currently inhabit the coastal rural areas. Therefore, the sustainable development of the fisheries sector is playing an important role in Yemen's poverty reduction strategy: “The project will have a wide ranging beneficial impact in Yemen and will allow artisan fishermen to derive increased incomes through better fish handling, quality and marketing. The improved quality of fish will also promote local health safety and allow Yemen to sustain its fresh fish exports” commented Mr. Trayambkeshwar Sinha, Project Task Team Leader.

To mange fisheries resources in a sustainable manner, Yemen needs sophisticated planning information and research, and clear fisheries management plans for effective fishing monitoring, control, surveillance. In addition, infrastructure and institutional capacity needs to be strengthened to foster the growth of a modern fisheries sector capable of producing and regularly supplying good quality fish to foreign and local markets.

In response to these challenges, the Government of Yemen is working in partnership with donors and the WB in implementing the Fisheries Sector Development Strategy which focuses on improving fisheries sector management and infrastructure.

In its first year, the Fisheries Management and Conservation Project will be launched in all coastal Governorates along the Red Sea and the Gulf of Aden coast. The project will improve support to artisan fishermen through improved fish landing and auction facilities. Ice plants for improved fish preservation will also be provided.

The project will also help the Ministry of Fisheries undertake more effective fisheries research, resource management planning, and fish landing regulation activities for sustainable management and conservation of fisheries resources.

“The improved management of fisheries sector will allow Yemen to sustain and conserve its rich fisheries resource for the benefit of its future generations” Sinha added.

The Credit for the Fisheries Resource Management and Conservation Project has a maturity of 40 years, including a 10-year grace period.
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