Senior Secretary of the Economic Relations Division (ERD) Kazi Shofiqul Azam and World Bank acting Country Director Zahid Hussain signed the contract on behalf of their respective sides at NEC Bhaban in the Planning Commission.
The project, ‘Sustainable and Marine Fisheries Project’, help improve fisheries management systems, infrastructure, value chain investments, and encourage private sector investment to increase the availability and quality of sea fish, said the Washington-based global lending agency.
It will also support reforms in fisheries policies and regulations.
Officials at the ERD said the main objective of the project is to utilise the potentials of blue economy in the country exclusive economic zone.
“For Bangladesh, the fisheries sector is a major driver for growth. The marine and coastal fisheries have significant potential for sustainable and higher production,” said the ERD Senior Secretary.
The project will directly contribute to Bangladesh’s Blue Economy initiatives, he said.
Zahid Hussain said this has been the first financing by the World Bank in the country’s fisheries sector after a long break of about 15 years.
He said this will help bring a structural change in the fisheries management in the coastal areas involving private sector investment and also create alternative jobs for the fishermen during the time when they don’t have work.
“In the last decade, the fisheries sector accounted for around 4 percent of the Bangladesh’s economy and is the country’s second largest export earning sector after garments,” said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal.
“World Bank financing will aim to expand coastal and marine fisheries with the goal of further increasing the fisheries sector’s contribution to the economy.”
In 16 coastal districts, the project will set up community co-management associations with fishing communities, enabling them to adopt supplementary and alternative livelihoods.
While empowering fishing communities, especially women through skill development and nutrition awareness, the project will also establish 100 model fishing villages.
The current fisher identity card system will be expanded under the project and linked with the geographic information system platform.
Vessel registration and licensing for fishing will also be improved. In addition, the project will help the government conduct stock surveys and assessments for shrimp and sea fish stocks and strengthen monitoring systems for industrial and artisanal fisheries.
The World Bank was among the first development partners to support Bangladesh following its independence.