Abacus Wealth Management

WB to Give KES 3 Billion Funding for Fishermen

Fishing in the coastal region will get a KES 3 billion boost in funds from the World Bank through the government. According to Fisheries Development minister, Amason Kingi, the money will be channelled to the Government through the Kenya Marine and Fisheries Institute. Local fishermen in the coast have lacked modern fishing equipment and gear hence the low yields. Hon. Kingi said, “due to the use of inferior fishing gear, our local fishermen have not had the capacity to venture into the high seas to conduct large-scale fishing.”

Despite bearing a broad fishing ground in the Indian Ocean, Kenya’s coastal region only accounts for 6%t of the country’s total fish output. Lake Victoria and other inland sources account for over 94% of the fish being exported to other countries.

Exit mobile version