The authorities of Liberia by the National Fisheries and Aquaculture Authority (NaFAA) has signed a US$20 million mortgage with OPEC Fund to co-finance the “Liberia Sustainable Management of Fisheries Project with the World Bank.
OPEC Fund for International Development supplied the US$20 million mortgage and a US$240,000 complementary technical help grant to Liberia to co-finance the Project in Liberia.
Finance Minister Samuel Tweah signed on behalf of the federal government of Liberia whereas Dr. Abdulhamid Alkhalifa, Director General of OPEC signed on behalf of his group.
The signing ceremony was held on Friday October 14, 2022 in Washington DC on the World Bank Headquarters.
Speaking on the ceremony, the Director General of OPEC Fund stated they have been delighted to offer funding to the Liberia Sustainable Management of Fisheries Project as a result of the mission is meant to create job alternatives for coastal dwellers.
“We are signing today a very important project and it is our honor as a fund along with the World Bank to be part of the signing ceremony.”
Dr. Abdulhamid Alkhalifa disclosed that when he learn concerning the affect the Liberian fisheries mission would have on the greater than 55,000 beneficiaries his establishment noticed the necessity to present the mandatory funding to assist make the mission successful.
Additionally, Dr. Alkhalifa said that the mission will even present what he termed as sustainable job alternatives for coastal group dwellers which they at OPEC take into account as welcoming.
The OPEC fund Director General introduced that apart from the US$20 million mortgage they’re offering a complementary technical help grant of US$240,000 which can have explicit affect on girls in fisheries.
Dr. Alkhalifa recalled that the OPEC Fund has been working with the federal government of Liberia on a number of developmental initiatives since 1978.
Making remarks earlier than the signing ceremony Finance Minister Samuel Tweah described the partnership Liberia has entered into with OPEC, the World Bank group as successful of partnership and likewise a historic partnership.
Minister Tweah indicated that creating nations around the globe can solely advance by the use of stronger partnership by shared assets.
The Liberian Finance Minister nevertheless recalled that the World Bank has closely invested within the Liberian Fisheries sector, this he stated would result in transformation within the sector as fishermen and fishmongers stand to closely profit.
At the identical time, the Director General of the National Fisheries NaFAA Emma Metieh Glassco talked about that the target of the Liberia Sustainable Management of Fisheries is to transition from artisanal fisheries to semi-industrial fishing which results in extra sustainable fishing.
Madam Glassco stated such strategies will assist fishermen enhance their catch, guarantee meals safety and enhance their livelihoods.
“I am super excited that we have been able to attract additional US$20 million to the US$40 million fisheries project totaling US$60 million for the people of Liberia with the aim of developing our fisheries sector which has enormous potential of contributing to economic growth”.
Moreover, Madam Glassco attributed the success of the Liberian fisheries sector to the great position of President George M. Weah who, in response to her, has over years highlighted the potential of the sector to his worldwide counterparts thus resulting in the continual worldwide monetary help.
Madam Glassco stated her staff was happy to draw what she referred to as extra US$20 million for the Liberian Fisheries sector, which has monumental potential of contributing to financial development.
“I wish to extend thanks and appreciation to my president, George Manneh Weah, for usually amplifying the potential of the fisheries sector whenever he had the opportunity to discuss with his international counterparts”.
The mission will enhance the administration of fisheries, making it extra environment friendly and sustainable and as properly improve the dwelling situations of beneficiary communities, creating higher incomes and new alternatives for over 55,000 individuals, together with girls, kids and youth.
The fisheries sector gives dietary protein for sixty 5 % (65%) of Liberia’s inhabitants and contributes no less than three % (3%) to the GDP with an enormous potential of contributing extra contemplating all of the current international investments in post-harvest infrastructure and enchancment of coastal livelihood.
The Liberia Sustainable Management of Fisheries Project, (LSMFP) will positively affect no less than six densely populated coastal counties of the 9 coastal counties in Liberia, which embody Montserrado, Margibi, Maryland, Grand Bassa, Sinoe, and Grand Kru. The Liberia Sustainable Management of Fisheries Project is designed to enhance the ecosystem of fisheries, promote sustainability, enhance the quantity of fish landings and create greater than 2,000 jobs. It will even assist to implement climate-smart applied sciences and climate-resilient enterprise enhancements.
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