The World Bank’s Board of Executive Directors has approved a USD64.8 million project to strengthen regional fisheries management in the South-West Indian Ocean (SWIO) region and to improve the competitiveness of the fisheries sector in the Maldives.
The Transforming Fisheries Sector Management in South-West Indian Ocean Region and Maldives Project (TransFORM) aims to improve fisheries management in the SWIO region as a whole and to strengthen regional collaboration by producing and sharing knowledge, data, and research to support evidence-based decision-making. improving fisheries and fish stock assessments, providing targeted capacity development, and promoting effective collaboration with other fisheries management regional initiatives.
World Bank Country Director for the Maldives, Nepal, and Sri Lanka Faris H. Hadad-Zervos said that the strong track record of the Maldives in sustainable fisheries management can serve as a model for other countries in the SWIO. He also noted that the project promotes a larger role for small and medium enterprises (SMEs) in the fisheries and allied sectors such as aquaculture and is part of the overall strategic engagement between the Maldives and the World Bank to address the weak investment and business climate that constrains private sector development in the country
The project will be implemented by the regional Indian Ocean Commission and the Ministry of Fisheries, Marine Resources and Agriculture in the Maldives. The total financing is USD64.8 million, which is comprised of a USD12 million grant to the Indian Ocean Commission, as well as a USD26.4 million grant and a USD26.4 million credit to the Maldives from the International Development Association (IDA), the World Bank’s concessional credit window for developing countries.
The World Bank stated that the project will build national capacities, skills, and regulations to improve the governance of the fisheries sector. The longer-term aim is for the Maldives to serve as a regional enabler that provides knowledge and capacity-building support to the SWIO region, particularly the island nations. The project will also pursue green, resilient, inclusive enterprise development practices to expand and diversify the fisheries and allied sectors, including, for example, the gradual removal of barriers to a competitive business climate in the Maldives and facilitating learning in the fisheries sector in SWIO countries.
The World Bank said the project will develop capacity and skills at the national level and formulate relevant regulations to strengthen the management of the fisheries industry. The World Bank also aims to ensure that Sri Lanka acts as a regional hub to help enhance the knowledge and capacity of the Southwest Indian Ocean region, particularly the island nations of the region. Under this project, fisheries and related sectors will be expanded and developed through environmentally friendly, disaster preparedness, and participatory business expansion policies.
The Maldives and 11 other countries border the waters of the SWIO. They include the island nations such as Madagascar, Mauritius, and Seychelles.