Hanoi – The World Bank (WB) on May 31 approved a 176-million-USD loan to fund a fisheries project that aims to improve fisheries management, enhance the value of fisheries production, and raise incomes for coastal communities in the Philippines.
|Illustrative image. (Photo: VNA)|
The project is expected to benefit more than 1.5 million fisherfolk, small-to-medium businesses, and residents in coastal communities, the multilateral lender said in a statement.
According to the WB, the fisheries sector contributes 1.3% to the Southeast Asian country’s gross domestic product. It provides approximately 1.6 million jobs, or around 4% of the labour force, including for low-income families engaged in subsistence fishing.
However, the sector has faced challenges, with fish stocks declining by an average of 20% over the past decade due to over-exploitation, destructive fishing methods, habitat degradation, and negative impacts from land-based activities.
This project aligns with the country’s commitment to environmentally sound practices in fishing and aquaculture while ensuring improved incomes for those involved in the sector, said Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand.
The long-term goal is to foster enhanced community resilience in these coastal regions, which will be reflected in thriving fish stocks, improved food security, reduced poverty and heightened competitiveness in key seafood commodities, he added.
- World Bank preparing $1.5 billion aid package for Ukraine
- Poverty in Sri Lanka to spike this year, warns World Bank
- World Bank to provide Laos with US$395 million funding support, says report
- World Bank Chief: Sweden Should Create Independent Migrant State Where Laws Don't Apply
- Indian Bank launches pre-approved personal loan product under Project 'WAVE'
- World Bank: $2.3-B PPP deals sealed in PH in 2021
- Nearly 120 million USD to be used to build 4 aircraft maintenance workshops at Long Thanh airport
- Ban On Women's Education To Prove Costly For Taliban As World Bank Freezes Projects
- After IMF, World Bank Ready to Provide Emergency Support to Sri Lanka
- Indian Bank launches pre-approved personal loan product under Project 'WAVE' - Times of India
- World Bank readies Sri Lanka aid package
- Denmark pours 100 million USD into Binh Duong province
- Project launched to help Vietnam spur energy efficiency
- Finbots.AI raises US USD 3 million from Accel in Series A round
- Philippines: Return of Marcos dynasty would spell end of hunt for ill-gotten gains
- India Boasts World’s Fastest-Growing Economy for Second Straight Year
- Infrastructure needs upgrading to develop modern fisheries sector
- How propaganda about a former dictator in the Philippines laid the groundwork for Duterte's martial law
- Over 1.28 billion USD in FDI channeled into HCM City in 4 months
- Marcos redux? Dictator's son may win Philippine presidency
World Bank approves 176-million-USD fisheries project in Philippines have 410 words, post on vir.com.vn at June 1, 2023. This is cached page on Talk Vietnam. If you want remove this page, please contact us.