Organization of Petroleum Exporting Countries (OPEC) Fund for International Development has approved a US$20 million loan and a US$240,000 complementary technical assistance grant to the Republic of Liberia to improve the fishery industry.
The fund also would co-finance the Sustainable Management of Fisheries Project together with the World Bank.
OPEC Fund Director-General, Dr Abdulhamid Alkhalifa who disclosed this in a statement on the OPEC website affirmed that the project would improve the management of fisheries, making them both more efficient and sustainable.
Further, the statement noted that the project will enhance the living conditions of benefiting communities, creating better incomes and new opportunities for over 55,000 people, including women, children and youth.
It added, “We are pleased to partner with the World Bank to support Liberian fisheries, boosting livelihoods and empowering women.
“Ensuring the productivity of fisheries and reducing post-harvest losses will not only improve living conditions and reduce economic vulnerability but also contribute to food security and climate adaptation in Liberia”
Also, it was gathered that fisheries are one of the main sources of income in Liberia and generate around 10 per cent of the agricultural sector’s production and three per cent of the country’s GDP.
