The World Bank has approved a USD 64.8 million project to improve fisheries management in the south-west Indian ocean region and improve governance of the fisheries sector in the Maldives.
The Transforming Fisheries Sector Management in South-West Indian Ocean Region and Maldives Project (TransFORM) has a long-term aim for Maldives to serve as a regional enabler that provides knowledge and capacity-building support to the region.
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"Maldives' strong track record in sustainable fisheries management can serve as a model for other countries in the south-west Indian ocean region," said Faris H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.
Maldives and 11 other countries border the waters of the south-west Indian ocean – the island nations of Comoros, La Réunion (France), Madagascar, Mauritius, and Seychelles; and six mainland countries: Kenya, Mozambique, Somalia, South Africa, Tanzania, and Yemen.
Together these countries are members of the south-west Indian ocean Fisheries Commission (SWIOFC), a regional fisheries body.
"This project supports greater regional cohesion and cooperation and provides a platform for mutual learning and support,” said Sachiko Kondo, World Bank Task Team Leader.
The project will be implemented by the regional commission and Maldives’ fisheries ministry.
The total financing is USD 64.8 million, which is comprised of a USD 12 million grant to the regional commission, as well as a USD 26.4 million grant and a USD 26.4 million credit to the Maldives from the International Development Association (IDA), the World Bank’s concessional credit window for developing countries.
