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New Investment Support Facility Launched to Boost Cambodia’s Post-Harvest Fisheries Sector

PHNOM PENH, May 30, 2024 — A pioneering Investment Support Facility (ISF) scheme was launched today through the collaborative efforts of the Fisheries Administration (FIA), the United Nations Industrial Development Organization (UNIDO), and the Credit Guarantee Corporation of Cambodia (CGCC). This initiative, part of the EU-funded CAPFISH-Capture Programme, is set to catalyze growth in Cambodia's post-harvest fisheries by addressing key industry challenges.

Cambodia, with its rich fisheries resources and cultural heritage, is poised to make significant strides in the global fish and fishery products market. However, the sector has been hampered by issues such as inadequate fish-processing technologies, limited value addition, and food safety concerns, which affect consumer trust and global competitiveness.

The ISF scheme aims to build on the success of the existing Value Chain Investment Support (VCIS) by providing crucial co-financing for over 150 enterprises involved in the fisheries value chain. This support includes business loans guaranteed by local financial institutions and grant aid, facilitating significant strides in productivity, product safety, and quality.

The CGCC, in partnership with commercial banks and microfinance institutions, will manage the ISF scheme. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance and member of the CGCC Board of Directors, highlighted the scheme’s potential to enhance national economic growth and develop the agricultural sector. "Through the ISF, eligible enterprises will gain access to technical support, capacity building, and financial assistance, fostering modernization and improving the quality of agricultural products to ensure food security and competitive market standing," he stated.

UNIDO's Director of Agri-business and Infrastructure Development, Dejene Tezera, also praised the ISF's role in enhancing the sector's competitiveness. "We are confident that this innovative financial model will increase the value and quality of Cambodia’s fishery products, enabling processors to excel in global markets and bring prosperity to local communities," he remarked.

EU Ambassador to Cambodia, Igor Driesmans, commended the timely initiation of the ISF, emphasizing its alignment with global market standards and its expected role in promoting economic expansion, public health, and job creation within the fisheries sector. "The success of the ISF could set a precedent for similar initiatives in other agricultural sub-sectors, catalyzing broader development and investment in Cambodia’s agricultural landscape," he noted.

Dith Tina, Minister of Agriculture, Forestry and Fisheries, reaffirmed his commitment to elevating the country's fisheries sector. "The ISF supports vital collaboration between the government, UNIDO, and the private sector to advance the post-harvest fisheries sector, improving the standard and quality of processed fishery products and providing economic benefits to all stakeholders involved," he stated.

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