The World Bank Group has approved a $100 million International Development Association (IDA) credit for the Kounki Fisheries and Aquaculture Project in Guinea. This initiative aims to enhance climate resilience and develop value chains within fishing and aquaculture communities in selected areas. The project seeks to improve adaptation by increasing employment opportunities, diversifying livelihoods, and providing access to finance for small and medium enterprises (SMEs) in the sector. Additionally, it will upgrade infrastructure to mitigate disaster risks, promote climate-smart practices, and strengthen fisheries and mangrove management systems through scientific and community-based approaches.
The project also benefits from €20 million in co-financing from the French Development Agency and a $5 million grant from PROBLUE. Including €4 million from the France-Guinea Debt Reduction and Development Contract (C2D), the total funding amounts to $128 million plus €4 million. This financing marks a significant step forward in promoting sustainable development and reducing poverty in Guinea.
"We are committed to supporting Guinea on its journey towards sustainable development. By investing in the resilience of fishing and aquaculture communities, we are addressing immediate challenges as well as laying the foundation for long-term economic growth and food security," said Issa Diaw, World Bank Group Resident Representative for Guinea. "The Kounki project will boost structural transformation by strengthening the adaptive capacity of fishing and aquaculture communities, which are particularly vulnerable to the impacts of climate change."
The Kounki project is expected to significantly improve coastal communities' livelihoods by equipping them with tools and resources needed to adapt to climate change impacts. By promoting sustainable practices and improving access to finance, it aims to foster a more resilient economy.
"The Kounki Fisheries and Aquaculture Project marks a major strategic milestone in our ambition to transform Guinea's fisheries sector," said Ms. Fatima Camara, Minister of Fisheries and Maritime Economy. "Through this substantial support from the World Bank Group and its partners, we aim to improve the livelihoods of our communities, protect our natural resources, and ensure that our fisheries contribute meaningfully to the development of our country."
This initiative supports key reforms under Guinea's national development strategy "Simandou 2040" as well as its Fisheries Strategy (2022-2027). It focuses on strengthening fisheries governance, developing artisanal fisheries value chains, protecting ecosystems, and creating an environment conducive for private sector investments.