ADB Provides Landmark Assistance to Cambodia’s Marine Fisheries Sector
AKP Phnom Penh, December 08, 2022 --


The Asian Development Bank (ADB) has approved a US$73 million financing package to boost the climate resilience and sustainability of coastal and marine fisheries in Cambodia, according to the bank’s press release AKP received this morning.

The Sustainable Coastal and Marine Fisheries Project will be financed by a US$41 million loan from ADB; a US$22 million grant from ADB’s Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries; and a US$10 million loan from the ASEAN Infrastructure Fund under its ASEAN Catalytic Green Finance Facility (ACGF). The Agence Française de Développement will also provide cofinancing equivalent to US$20 million to be administered by ADB.

“This project is ADB’s first significant investment in marine fisheries and represents an important milestone for its Action Plan for Healthy Oceans and Sustainable Blue Economies,” said ADB Senior Natural Resources and Agriculture Specialist for Southeast Asia Alvin Lopez. “It responds to several key government strategies, including the Strategic Planning Framework for Fisheries 2015–2024, and the Statement of the Royal Government of Cambodia on Marine Fisheries Management Key Principles (2019) for the management, conservation, and development of sustainable marine fisheries resources.”

The fishery subsector is an important component of Cambodia’s economy, accounting for 8 to 10 percent of the country’s gross domestic product. Marine fisheries account for 13 percent of the fishery subsector; yet, overfishing and climate change have led to a substantial decline in fish stocks, which has impacted coastal communities and businesses and resulted in higher fish prices.

The project will strengthen Cambodia’s marine fishery while supporting its contribution to shared fish stocks and ecosystems in the Gulf of Thailand. It will help the country’s four coastal provinces—Kampot, Kep, Koh Kong, and Preah Sihanouk—reverse the sharp decline in fisheries, promote sustainable mariculture, and enhance fish landing sites to improve seafood safety. It is expected that under the project about 40 percent of the nearshore fishery will be regenerated into more productive and sustainable enterprise.

The project will promote private sector development by enabling coastal communities and small businesses to diversify their livelihoods, adopt sustainable practices, and grow into viable enterprises. It will also support women’s economic empowerment by scaling up women’s engagement in small and medium-sized enterprises. Overall, the project will benefit 25 community fisheries organisations and members of 15 community-protected areas, comprising nearly 20,000 households, as well as a wider coastal community of about 200,000 people.

ADB’s assistance under the project supports several key growth and development strategies of the Cambodian government, including its post-COVID-19 pandemic recovery plan and the country’s updated nationally determined contribution, which identifies climate resilience for capture fisheries and ecological restoration of coastal areas as national adaptation priorities. The project is aligned with ADB’s country partnership strategy for Cambodia, 2019-2023.

By Heng Panha
AKP

In summary:
ADB provides 73 mln USD to Cambodia for marine fisheries sector
Source: Xinhua
Editor: huaxia
2022-12-08 15:56:46

PHNOM PENH, Dec. 8 (Xinhua) -- The Manila-based Asian Development Bank (ADB) has approved a financing package of 73 million U.S. dollars to boost the climate resilience and sustainability of coastal and marine fisheries in Cambodia, said its press release on Thursday.

The package included the bank's 41-million-dollar loan and 22-million-dollar grant as well as a 10-million-dollar loan from the ASEAN Infrastructure Fund, the press release said.

"This project is ADB's first significant investment in marine fisheries and represents an important milestone for its Action Plan for Healthy Oceans and Sustainable Blue Economies," ADB senior natural resources and agriculture specialist for Southeast Asia Alvin Lopez said.

He said the project responded to several key government strategies, including the strategic planning framework for fisheries and the statement of the Cambodian government on key principles of marine fisheries management for the management, conservation, and development of sustainable marine fisheries resources.

According to the press release, the fishery subsector is an important component of Cambodia's economy, accounting for 8 percent to 10 percent of the country's gross domestic product.

Marine fisheries account for 13 percent of the fishery subsector, yet over-fishing and climate change have led to a substantial decline in fish stocks, which has impacted coastal communities and businesses and resulted in higher fish prices, it said.

The project will strengthen Cambodia's marine fishery while supporting its contribution to shared fish stocks and ecosystems in Cambodia's coastal provinces.

"It will help the country's four coastal provinces, including Kampot, Kep, Koh Kong and Preah Sihanouk reverse the sharp decline in fisheries, promote sustainable mariculture and enhance fish-landing sites to improve seafood safety," the press release said.

"It is expected that under the project about 40 percent of the nearshore fishery will be regenerated into more productive and sustainable enterprises," it added. ■