A $20 million financing agreement was signed to improve the climate resilience and sustainability of marine and coastal fisheries in Cambodia.

On December 22, Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, and Sandrine Boucher, Director of AFD in Cambodia, signed a $20 million financing agreement to strengthen the climate resilience and sustainability of marine and coastal fisheries in Cambodia.

In addition, it seeks to enhance Cambodia’s maritime fisheries sector while preserving fish stocks and marine ecosystems. It also supports the nation's four coastal provinces, including Kampot, Kep, Koh Kong, and Preah Sihanouk, in reversing the sharp decline in fishing, fostering sustainable mariculture, and redeveloping fish landing sites to improve seafood safety.

Boucher said that AFD's funding for the development of sustainable marine fishing is a component of its plan to boost Cambodia's blue economy.

“Carried out as part of co-financing with the Asian Development Bank (ADB), this project opens a new area of collaboration within the privileged partnership between our two institutions,” she said. “It is complementary to the action already undertaken by AFD and the European Union in the CapFish program, in particular, the strand on the development of fish farming (CaPFish-Aqua).”

The fishing industry contributes eight to 10 percent of Cambodia’s GDP, making it a significant part of the national economy. Moreover, overfishing and climate change have significantly reduced fish stocks, raising prices and having a direct impact on coastal communities and businesses, according to the ADB.

However, the project will foster private sector development by enabling coastal communities and small businesses to diversify their livelihoods, adopt sustainable practices, and sustain their operations.

The Sustainable Coastal and Marine Fisheries project will be co-financed by the ADB under the terms of agreement concluded by both parties.

With the recently signed agreements, the ADB has committed a total of $576.3 million in loans and grants to Cambodia this year, of which $163.7 million is co-financed by other development partners.