PHNOM PENH: The Asian Development Bank (ADB) has approved a US $73 million aid package to strengten climate resilience and the sustainability of Cambodia's coastal and marine fisheries.

According to an ADB press release, the Sustainable Coastal and Marine Fisheries Project will be financed by a US $41 million loan from the ADB, a US $22 million grant from the Asia Development Fund and a US $10 million loan from the ASEAN Infrastructure Fund, under the ASEAN Catalytic Green Finance Facility (ACGF). The French Development Agency (Agence française de développement) will also provide about US $10 million in co-financing, which will be managed by the ADB.

"The fishery subsector is an important component of Cambodia’s economy, accounting for 8% to 10% of the country’s gross domestic product,” said ADB. “Marine fisheries account for 13% of the fishery subsector; yet, overfishing and climate change have led to a substantial decline in fish stocks, which has impacted coastal communities and businesses and resulted in higher fish prices."

The statement added that ADB’s assistance under the project supports several key growth and development strategies of the Cambodian government, including its post-Covid-19 pandemic recovery plan and the country’s updated nationally determined contribution, which identifies climate resilience for capture fisheries and ecological restoration of coastal areas as national adaptation priorities. The project is aligned with ADB’s country partnership strategy for Cambodia, 2019–2023.

Alvin Lopez, ADB’s Senior Natural Resources and Agriculture Specialist for Southeast Asia, said the project is ADB’s first significant investment in marine fisheries and represents an important milestone for its Action Plan for Healthy Oceans and Sustainable Blue Economies,

"It responds to several key government strategies, including the Strategic Planning Framework for Fisheries 2015–2024, and the Statement of the Royal Government of Cambodia on Marine Fisheries Management Key Principles (2019) for the management, conservation, and development of sustainable marine fisheries resources,” he said.

The project will promote private sector development by enabling coastal communities and small businesses to diversify their livelihoods, adopt sustainable practices, and grow into viable enterprises. It will also support women’s economic empowerment by scaling up women’s engagement in small and medium-sized enterprises. In addition to helping Cambodia's four coastal provinces (Kampot, Kep, Koh Kong, and Preah Sihanouk) reverse the sharp decline in fisheries, the project will also help promote sustainable mariculture and enhance fish landing sites to improve seafood safety.

ADB expects that under this project, about 40% of nearshore fishery in Cambodia will be regenerated into more productive and sustainable enterprise.