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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenya, IFAD ink deal to develop aquaculture

NAIROBI (Xinhua) -- Kenya and the International Fund for Agricultural Development (IFAD) on Friday signed an agreement to develop the country’s aquaculture sector to help reduce rural poverty, tackle chronic malnutrition and food insecurity.

IFAD said in a statement that the financial agreement will go a long way to improving food security and reducing poverty in rural areas where 75 percent of Kenyans live.

“The proposed approach blends public- and private-sector investments in the aquaculture value chain with community-wide initiatives that promote good nutrition and food security through education and better access to affordable foods,” IFAD said.

The 143.3-million-U.S.-dollar program, including a 40-million-dollar loan from IFAD, will be co-financed by the UN Food and Agricultural Organization, which will provide 400,000 dollars, Kenya that will give 31.4 million dollars and beneficiaries themselves who will contribute 43.6 million dollars.

“The financing gap of 27.9 million dollars will be covered from future IFAD financing rounds or by potential co-financing partners,” IFAD said in a statement.

The UN agency said the program’s goals are to assist 35,000 smallholder farmers in becoming profitable fish producers or village-level providers of support services within value chains in counties that already have aquaculture-related infrastructure, adequate water resources, marketing potential, and high poverty rates.

According to IFAD, the new agreement provides financial support to the Aquaculture Business Development Program and related activities designed to promote fish production in an economically and environmentally sustainable manner in 15 target counties. 

           

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