Fishermen operating within Lake Victoria's basin are set to benefit from a KES 382 million deal between Kenya, Israel and Germany. According to a report by Panorama, Kenya will work with the two countries to increase fish production in the the region.

Speaking during yesterday's official signing ceremony at the Ramogi Institute of Advanced Technology (RIAT), Germany’s Economic Co-operation and Development Minister, Dirk Niebel said that the project would create jobs for people in the area. He urged residents to take up fish farming, stating that the joint venture would make it an effective and sustainable means of generating income.

Niebel noted that the partnership would help the country achieve self-sustainability in the fisheries sector, driving down the cost of production. This could see fish prices fall as soon as the project gains traction.

The joint venture, which will reach its final phase in 2014, comes shortly after the Ministry of Fisheries Development constructed over 27,000 ponds in a bid to empower local fishermen.

Prime Minister Raila Odinga, who officiated the ceremony, said that Kenya has the potential to produce 11 million tons of fish which would translate to an annual revenue of KES 50 billion. The Kenya National Bureau of Statistics (KNBS) reports that the country currently produces less than 150,000 tons of fish a year.