GoL, World Bank Sign USD 40M Agreement for Sustainable Management of Fisheries Project

Monrovia, Liberia - The Government of Liberia and the World Bank on Tuesday October 19, 2021, signed a financing agreement in the amount of US$ 40 million for sustainable Management of fisheries project.

The signing, which is considered a boost to the country’s economy, will enhance livelihood and income generation for the government and the targeted beneficiaries.
It is also part of efforts to boost economic activities in the fisheries sectors that will lead to the expansion of the Montserrado fishing pier.
Finance and Development Planning Minister, Hon. Samuel D. Tweah Jr., who spoke on behalf of the Government, thanked the World Bank, for their continuous support toward Liberia’s developmental agenda, the Pro-Poor Agenda for Prosperity and Development (PAPD).
He noted that the World bank is critical for Liberia’s Transformation.
“Lot of people do not understand these multilateral institutions, many times, they come and see us doing this signing, but they will not understand the roles these institutions are playing. Today as we speak the World Bank under the leadership of Dr. Khwima Nthara and the regional leadership of Dr. Pear la Porte in Accra Ghana, the bank team in the last three years has taken on development and coordination with the Government of Liberia in the way we never saw it prior to that period” Hon. Tweah revealed.
According to him, the Bank’s bureaucracy has moved three times faster than they would allow in the past. “This is happening under the dispensation of Dr. Khwima Nthara and now we are seeing the same thing in the fisheries sector’’ he explained.
He stated that the Liberian economy is moving towards the fisheries sector with huge support from the World Bank through the Liberia Sustainable Management of Fisheries project.
This, Hon. Tweah revealed, will provide opportunities for Liberian fishermen as they stand to immensely benefit through the transformation of their livelihoods across the country.
For his part, World Bank Country Manager Dr. Khwima Nthara disclosed that the signing will seek to transform the lives of thousands of “fisherfolks”, in the fisheries sector with the great potential that Liberia has from its fish resources.
He noted that the Liberia Sustainable Management of Fisheries project is about US$ 40million of which $20 million is an International Development Association (IDA) Grant and $20 million an IDA concession credit.
The project will support the needed interventions across the whole fishing value chain, such as investments in new alternative vessels and fishing gears for getting the fish from sea; modern industrial fishing harbor at Mesurado Pier in Monrovia as well as berthing and landing sites for artisanal fisherfolks across coastal Counties.
Moreover, he stated that when the project is implemented; fish will be off-loaded in hygienic and modern landing sites; while the construction of storage and processing buildings and facilities for value addition.
“With all these interventions, women will have special attention by supporting them in the development of fish processor and trader associations. This project will also support the government’s effort in creating a business-friendly environment for aquaculture through the development and rehabilitation of the Klay hatchery and establishment of Farmers Field Schools”. He added.
In addition, it is expected to support the Development and Implementation of Climate-Smart fishery systems to enhance the adaptive capacity and resilience of fishing communities and monitoring of oceanic fish stocks, reducing waste of fishing and stimulating research by establishing Fisheries Programs at the University of Liberia.
Also speaking was the Director General of the National Fisheries and Aquaculture Authority, Madam Emma Metieh Glassco, who appreciated the World Bank for the level of cooperation and coordination the bank has shown toward the fisheries sector.
‘’Thanks to the President of Liberia and Minister Tweah in helping to support the fisheries sector. I am honored and excited to grace this occasion’’, Madam Glasco said
The Fishery Boss indicated that the project will lead to the expansion of the Montserrado fishing pier which was constructed decades ago. “When the project is completed Montserrado Pier will turn into an industrial port that would allow more than 77 industrial fishing vessels to land their catches”, She revealed.
She explained that the project will create opportunities for the “ordinary” Liberian through the establishment of fish processing facilities, and cold storage. This, she added, will increase revenue generation for the national government.
She disclosed that Liberia is losing about 50 percent of revenue to other countries due to the lack of industrial ports, stating that it is about time that Liberia reclaims all of those losses after the construction of the industrial port at the Montserrado pier on Bushrod island.
“In the absence of the industrial port, Liberia as a coastal country is currently importing 60 million worth of fish and fish products per year which is about 28,000 metric tons, and this is not good news, because of our status as a coastal state”, Madam Glasco stresse