The Food and Agricultural Organisation (FAO) has collaborated with the World Bank, Conservation International and Wilderness Markets to develop a fund to help promote sustainable fishing in the western central Atlantic.
In 2016, the Western Central Atlantic Fisheries Commission (WECAFC) agreed to start transitioning into a regional fisheries management organisation (RFMO) and the members will be discussing the scope and structure of the new RFMO soon.
Whilst in this transition process, FAO and partners developed a concept for a Sustainable Fisheries Fund with the aim of supporting small and medium sized enterprises in the fisheries sector. The fund will provide access to credit at relatively low interest rates and and more flexible loan conditions compared to those commonly offered by commercial banks.
The concept is innovative as it will be the first to directly involve the private sector in implementing RFMO recommendations. In the future, it is hoped that this approach will also be of use to other regions and fisheries management bodies.
The Sustainable Fisheries Fund was developed with support of the Common Oceans ABNJ Project that is funded by the Global Environment Facility and implemented by the World Bank.
More information can be found on the FAO website.
