Receives U.S. $15 Million IFAD Grant to Boost Fisheries Sector and Nutrition
A total of 17,500 poor rural households in six regions of Eritrea will benefit from a financial agreement signed today between the International Fund for Agricultural Development (IFAD) and Eritrea to boost coastal and inland fisheries.
The total cost of the Programme is US$32.1 million of which IFAD is providing a US$15 million grant. It is co-financed by the Government of Germany ($5.9 million), the Global Environment Facility ($7.9 million), the Food and Agriculture Organization of the United Nations ($0.5 million), the Government of Eritrea ($1.4 million) and by the beneficiaries themselves ($1.3 million).
The financial agreement for the Fisheries Resources Management Programme (FReMP) was signed in Rome by Michel Mordasini, Vice-President of IFAD; and Fessahazion Pietros, Ambassador of Eritrea to Italy and Permanent Representative Eritrea to Rome-based UN agencies, in the presence of Arefaine Berhe, Minister for Agriculture of Eritrea.
Eritrea has substantial and relatively underexploited marine and fisheries resources that have been underutilized for decades compared to neighboring countries. These resources exist in an unpolluted, underexploited and under-capitalized marine environment. The Programme intends to invest both in large fisheries and small pelagics.