Finance, Economic Planning and Development Minister Joseph Mwanamvekha said the ADB will contribute about K9.7 billion while Capital Hill will chip in K 1 billion as a contribution in kind.

To run for five years from 2020 to 2025, the project will seek to deal with major challenges in the fishing sector.

“As we are all aware, Fisheries is an important economic sector that plays a key role in nutrition and livelihoods in Malawi. The sector provides income and direct employment to approximately 60,000 people and indirectly engages over 500,000 people in fish processing, trading, distribution and other associated trades,” said the Minister.

He said despite this important contribution, the sector was faced with major challenges to fish stocks and fishery biodiversity that arise from over-fishing, decreasing catch rates, climate variability, and poor fisheries management exacerbated by substantial institutional capacity limitations.

“This Project is, thus, aiming at addressing these challenges,” he said.

Mwanamvekha said the project’s objective is to contribute to Government’s poverty reduction efforts by improving management and utilization of fisheries resources along Lake Malawi, Lake Chilwa and Shire River System.

“Specifically, the Project will contribute to the improved resilience of the fishing and fish farming communities in the wake of climate change. It will strengthen the fisheries and aquaculture sector value chain through climate-resilient lake ecosystem management. It will also augment investments which include infrastructure for increased fisheries productivity. Further, it will strengthen nutritional security and provide economic opportunities while ensuring environmental sustainability.

He gave kudos to the ADB for the financial support, assuring ADB officials that the Government will endeavor to implement these Projects in accordance with the provisions of the Financing Agreements as well as Malawi’s own Public Finance Management rules.

“Specifically, we will ensure proper financial management and effective project implementation to achieve the intended objective. The Malawi Government believes in transparency and accountability, as such we will facilitate and coordinate the participation of all relevant stakeholders in the implementation of the Projects.

The Minister offered “profound gratitude” to the Bank for the continued support to various sectors of our economy, saying this year alone the Bank had approved the following financing: -

. Sustainable Rural Water and Sanitation Infrastructure for Improved Health and Livelihood Project - UA 1,880,000 (approximately, MK 1.9 billion);

. Cyclone IDAI Emergency Humanitarian Relief Assistance Project - USD 250,000.00 (approximately, MK 184 million);

. Cyclone IDAI and Kenneth Emergency Recovery and Resilience Programmed - UA16.34 million (approximately, MK 16.6 billion).

. Strengthening Trans-boundary Cooperation and Integrated Natural Resource Management in the Songwe River Basin - USD 6,392,694 (approximately, MK 4.7 billion).

“The total financing that has been approved this year, including the two Financing Agreements signed today, amounts to approximately USD 82, 476,274 (approximately, MK 60.6 billion). This clearly shows that the Bank is truly a friend indeed and is keen to support Malawi’s development efforts,” said the Minister.

Adding that  he did not take this for granted, Mwanamvekha said:“ I wish, therefore, to highly commend the excellent cooperation that exists between the Bank and the Government of Malawi and pray that it grows from strength to strength.”