African Development Bank Group has approved a $13.2 million financing package for fisheries and aquaculture development project in Malawi.
The sustainable fisheries, aquaculture development, and watershed management projects will provide infrastructure for increased productivity in fishery and also improve market access. These projects are expected to contribute to nutritious diets, boost employment along the fish value chain, and build climate resilience along major watersheds.
The estimated cost of the project is $14.57 million, comprising an ADF loan of $8.98 million and a grant of $4.21 million, while the Malawi government will contribute $1.38 million.
Furthermore, the project is expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas, as well as 250,000 fish processors, vendors, retailers, and interns, many of whom are youth and women along the value chain.
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