The African Development Bank Group (AfDB) has approved a US$13.2mn financing package for a fisheries and aquaculture development project in Malawi
The sustainable fisheries, aquaculture development, and watershed management project will provide infrastructure for increased fisheries productivity and market access. The project is expected to contribute to nutritious diets, boost employment along the fish value chain, and build climate resilience along major watersheds.
The project is estimated to cost US$14.57mn, comprising an ADF loan of US$8.98mn, a grant of US$4.21mn, while the Malawi government will contribute US$1.38mn.
The project is expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas, as well as 250,000 fish processors, vendors, retailers, and interns, many of whom are youth and women along the value chain.
It will cover 11 lakeshore and three non-lakeshore districts, including the entire basins of Lake Malawi and Chilwa, part of the Shire River system, and selected upland areas using an ecosystem approach.
Ahmed Khan, the Bank’s Blue Economy Flagship Coordinator, said, “The Bank is committed to supporting our regional member countries to make use of their living fisheries resources. This is crucial for building healthy diets and local consumption, facilitating regional trade and improving on the quality of life - especially for youth and women along the fish value chain.”
The approved resources will promote Malawi’s national development as outlined in its Malawi National Fisheries and Aquaculture Policy, its Growth and Development Strategy (MGDS III) and Malawi’s Vision 2020.