Asian Development Bank provides USD 166 million for seafood sector improvements in Indonesia, Cambodia

Manila, Philippines-based Asian Development Bank (ADB) has approved separate funds worth total USD 166 million (EUR 155.8 million) to help drive sustainable development of the seafood sector in Indonesia and Cambodia.

ADB announced on 15 December it will provide a USD 93 million (EUR 87.3 million) loan to support smallholder shrimp farming in seven provinces in Indonesia. The funding is for the Infrastructure Improvement for Shrimp Aquaculture Project to be implemented in Bali, Banten, Central Java, East Java, Lampung, Nangro Aceh Darusalam, and South Sulawesi. Indonesia’s Ministry of Marine Affairs and Fisheries said the ADB funding will help sustainably increase the productivity, quality, profitability, and environmental sustainability of smallholder farmers’ shrimp farming in the country.

In December 2022, ADB also approved a USD 73 million (EUR 68.5 million) financing package for the Sustainable Coastal and Marine Fisheries Project to help enhance the climate resilience and sustainability of coastal and marine fisheries in Cambodia. To support the project, ADB will provide a loan worth USD 41 million (EUR 38.5 million), while its Asian Development Fund will contribute a USD 22 million (EUR 20.6 million) grant, and the ASEAN Infrastructure Fund under the ADB-managed ASEAN Catalytic Green Finance Facility (ACGF) will provide a USD 10 million (EUR 9.4 million) loan. The Agence Française de Développement will also participate by providing cofinancing equivalent to USD 20 million (EUR 18.8 million), which will be administered by ADB.

“This 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,” ADB Senior Natural Resources and Agriculture Specialist for Southeast Asia Alvin Lopez said ...

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