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World Bank and Indonesia launch Coastal Fisheries Initiative Challenge Fund October 30,2020   |  Source: World Bank

The World Bank in partnership with the Government of Indonesia has launched the Coastal Fisheries Initiative Challenge Fund. With financing of USD$1 million from the Global Environment Facility, the Challenge Fund will support sustainable investments into Indonesia's coastal fisheries sector.

The new initiative, part of the World Bank's Indonesia Sustainable Oceans Program (ISOP), will work with potential investors on developing business plans for sustainable fisheries, promote private-sector investment opportunities in sustainable fisheries, share lessons learned from past investment successes, and build partnerships between fishing communities and sustainability-minded businesses.

Indonesia is the world's second-largest fisheries producer. The sector generates approximately US$4.1 billion in annual export earnings, supports more than 7 million jobs, and provides over 50% of Indonesia's animal-based dietary protein. The industry is facing uncertainty, however, with some coastal fisheries stocks at risk from overfishing and management challenges, including limitations to effective management plans, insufficient data and research, and limited opportunities for investment in socially and environmentally responsible fishing.

"The goal of the Challenge Fund is to increase

 

© 2020 Devdiscourse

Theme(s): Fisheries Development and Aquaculture.

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