The African Development Bank has approved a $13.2 million financing package for a fisheries and aquaculture development project in Malawi expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas, it said on Wednesday. File photo: David Ritchie/African News Agency (ANA) Archives

JOHANNESBURG - .The African Development Bank has approved a $13.2 million financing package for a fisheries and aquaculture development project in Malawi expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas, it said on Wednesday.

The project will provide infrastructure for increased fisheries productivity and market access and will contribute to nutritious diets, boost employment along the fish value chain and build climate resilience along major watersheds.

It is estimated to cost $14.57 million, comprising an African Development Fund loan of $8.98 million and a grant of $4.21 million, while the Malawi government will contribute $1.38 million.

The project will also benefit 250,000 fish processors, vendors, retailers, and interns, many of them women and youth.

It will cover 11 lakeshore and three non-lakeshore districts, including the entire basins of Lake Malawi and Chilwa, part of the Shire River system, and selected upland areas using an ecosystem approach. 

“The bank is committed to supporting our regional member countries to make use of their living fisheries resources," the AfDB's blue economy flagship coordinator Dr. Ahmed Khan said.

"This is crucial for building healthy diets and local consumption, facilitating regional trade and improving on the quality of life - especially for youth and women along the fish value chain."

The African Development Bank has approved a $13.2 million financing package for a fisheries and aquaculture development project in Malawi expected to directly benefit 20,000 residents around the surrounding lakeshore and inland areas, it said on Wednesday. File photo: David Ritchie/African News Agency (ANA) Archives

- African News Agency (ANA)