ADB Provides US$73m Fund to Cambodia to Boost Coastal Fisheries

• 12 December 2022
• Local News
• 1466 Views

The Asian Development Bank (ADB) has approved a US$73 million financing package to promote sustainable climate resilience and coastal & marine fisheries in Cambodia, according to a press release on 8 December. 

The fund package includes a US$41 million loan from ADB, a US$22 million grant from ADB’s Asian Development Fund, and a US$$10 million loan from the ASEAN Infrastructure Fund under its ASEAN Catalytic Green Finance Facility (ACGF). 

Agence Française de Développement will also provide co-financing equivalent to US$20 million to be administered by ADB. 

According to ADB Senior Agriculture and Natural Resources Specialist for Southeast Asia Alvin Lopez, the project is ADB’s first and foremost investment in marine fisheries and represents a milestone for the region.  

The project will help strengthen Cambodia’s maritime fisheries sector, while the ADB has also been contributing to the supply of fisheries and ecosystems in the Gulf of Thailand. 

With this project, Cambodia’s four coastal provinces, including Kampot, Kep, Koh Kong and Sihanoukville, will be able to reduce the drastic decline of fisheries and achieve promote marine culture and strengthen fish habitats to ensure seafood safety.  

This project will help about 40% of the marine fisheries business to grow and become sustainable enterprises. 

The fisheries sub-sector is an important component of the Cambodian economy, accounting for 8% to 10% of the gross domestic product (GDP). Marine fisheries account for 13% of the total fisheries sub-sector.