World Bank signs $3.7mn agreement with Liberia to improve fishery sector

An agreement has recently been signed between the government of Liberia and the World Bank to industrialize the fishery sector. The objective is to generate more revenue and reduce poverty among the local population.

Titled 'Letter of Agreement between the International Development Association (IDA) for a Project Preparatory Advance (PPA),' the agreement (worth USD 3.7 million) is said to be facilitating the rehabilitation and expansion of the Mesurado fishing pier into an industrialized fishing port that will contain a processing facility to add value to products, as well as lead to the construction of landing jetties in coastal counties.

The agreement between the World Bank and the government of Liberia was signed on Tuesday in the capital city, Monrovia between World Bank-Liberia Country Manager, Dr Khwima Nthara and Liberia's Finance Minister Samuel Tweah.

According to Nthara, with proper governance and careful planning the local fisheries sector could generate significantly greater economic benefit for the country, APA News noted. "For instance successful efforts to control illegal industrial trawlers within Liberian territorial waters gave confidence to the European Union to sign a five-year partnership agreement on tuna fisheries," he added.

On the other hand, the Liberian Minister extolled the World Bank for its continuous support in the country's steps of moving ahead and install bigger projects of national interest.