Signature(s)
Summary sheet
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Investment fund targeting underperforming sustainable fisheries and aquaculture projects
Investments in underperforming sustainable fisheries and aquaculture projects, including related responsible supply chains and other sustainable coastal activities, financing transition towards sustainable, commercially orientated practices and generation of tangible assets with best-in-class environmental, social and governance standards
The fund's strategy is to target and upgrade projects with an existing business model to have an enhanced environmental and social impact, while retaining a commercial focus. It aims to i) support resource recovery of fish stocks and invest in aquaculture activities, ii) improve fishery supply chains and related infrastructure and iii) develop other sustainable coastal activities (e.g. payment for ecosystem services and access to energy). The fund will apply a comprehensive and tested environmental and social governance approach that identifies and mitigates operational risks, supports the project transition to sustainability, and assists in successful project design and implementation.
The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.