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Cote Dlvoire,Equatorial Guinea : Equatorial Guinea: AfDB supports the development of fisheries and aquaculture value chains with more than 55 million euros.

The African Development Bank Group (AfDB) today approved funding of 55.518 million (or 36.418 billion FCFA) for Equatorial Guinea for the implementation of Fisheries and Aquaculture Value Chain Support Project (PASPA) ". With a total cost of 69.968 million euros (45.896 billion FCFA), this ADB financing is part of the Country Strategy Paper (CSP) 2018-2022.

The PASPA project, formulated jointly with the International Labor Office (ILO), will be implemented over a period of five years, beginning in January 2020. It proposes to increase and enhance fish production, through the sustainable development of industrial fishing, artisanal fisheries and aquaculture. Ultimately, the project will ensure a better supply of fish for the local market, reduce imports and export to the countries of the sub-region. It will also increase income and improve the employability of young people as well as access to drinking water and sanitation.

The project is in line with the Strategic Plan for Fisheries 2016-2020, the National Program for Economic and Social Development (PNDES 2012-2020) and Vision 2020, which constitute the benchmark of economic and social policy of the Republic of Equatorial Guinea. In addition, the project is consistent with the following strategic frameworks: the Bank Strategy for Transformation of Agriculture in Africa 2016-2025, the Gender Strategy, the Africa Youth Employment Strategy 2016 -2025 and the 2018-2025 Multisectoral Nutrition Action Plan. It will thus contribute to the achievement of three of the Bank's five strategic priorities (High5): "Feeding Africa", "Industrializing Africa" ??and "Improving the quality of life of Africans".

In addition, the project is in line with the Bank's Ten-Year Strategy (2013-2022), particularly the objective of inclusive growth that associates producers and cooperatives with private initiative; but also with the orientations of the new Bank Strategy in the aquaculture sector. The latter frames of reference place value on the promotion of value chains, the domestic private sector and public-private partnerships.

The project will thus contribute to diversifying economic activity, creating jobs and improving food and nutrition security, with positive effects on people's living conditions through inclusive growth.

The project plans, through tools and strategies, to promote the emergence of a powerful national private sector capable of offering decent and sustainable jobs. It is also planned to improve the supply of training institutions for better integration of young people, particularly through self-employment. The provision of a national skilled workforce, capable of attracting foreign direct investment, will improve the productivity of enterprises in the sector.

The forecast is based on the marketing of an additional production of over 19,000 tonnes of fish, and the creation of five hundred micro, small and medium enterprises (MSMEs), the organization and training of three hundred cooperatives / groups viable and competitive. In addition, the creation of more than 15,000 direct and indirect jobs is expected, 70% of which is for women and youth.

The project will have direct and indirect effects on the population of the area of ??intervention, estimated at 923,393 inhabitants, or 75% of the total population of the country. The beneficiaries of the project are estimated at 80% of this population, ie nearly 739,000 men and women including 277,000 direct beneficiaries.

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Publication:Mena Report
Geographic Code:60AFR
Date:Jul 20, 2019
Words:538
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