MANILA – The Department of Agriculture (DA) is eyeing a $200-million funding from the World Bank to improve the country’s fisheries output and modernization of the industry.
Agriculture Secretary William D. Dar said in a statement that he recently pitched its FishCoRe (Fisheries and Coastal Resiliency) that aims to scale up and modernize and provide technical support and capital for the industry as the country rebounds from the impact of the COVID-19 pandemic.
The loan will also help with the sustainability of the resources including capture fisheries and aquaculture while addressing socio-economic conditions in affected communities.Mr Dar said that the funds will contribute to achieving vital task of DA’s ood Security Framework which is an important piece to the national goals of surviving, restarting and growing amids the pandemic.
The target loan approval is Mid 2021.The Department of Agriculture directed the Bureau of Fisheries and Aquatic Resources (BFAR) to start implementing the fisheries project across 12 Fisheries Management Areas nationwide.The 12 Fisheries Management Areas (FMA) will benefit greatly on this project as it includes major fishing grounds, lakes, bays, gulfs, etc.The DA has requested the loan from the World Bank during a virtual conference meeting.
To read Business news: