The Legislature of Liberia has approved a USD 40 million (EUR 35.6 million) financing deal between the West African country and the World Bank’s International Development Association (IDA) for the implementation of the Liberia Sustainable Management of Fisheries Project (LSMFP).
The approval by both the Liberian House of Representatives and Senate comes weeks after IDA and Liberia announced the financing, which includes a USD 20 million (EUR 17.7 million) grant and USD 20 million (EUR 17.7 million) in credit. The approval paves way for the establishment of an industrial and an artisanal fish-landing site on the Mesurado Pier in Monrovia, and other artisanal landing sites in Margibi, Maryland, Grand Bassa, Sinoe, and Grand Kru counties, according to a World Bank statement.
“This project will also support aquaculture development and strengthens management and governance of the fisheries sector in Liberia, developing human and institutional capacity, and improving policies, strategies, institutional and legal frameworks,” the World Bank said.
World Bank Country Manager in Liberia Khwima Nthara said the West African country’s fisheries sector has “huge potential and the project is expected to have a transformational impact on livelihoods, but also in a sustainable way.”
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