By John Oyuke
The World Bank (WB) has approved Sh2.84 billion ($35 million) loan to help Kenya improve income from marine and coastal resources.
The funds will be given to the Kenya Coastal Development Project and were approved by WB on Tuesday.
The bank's Country Director for Kenya, Johannes Zutt said the project would increase economic opportunities for communities in Coast Province by promoting sustainable tourism and fisheries and equitable sharing of revenues.
The project will also see people invest in micro, small and medium-sized enterprises in the region.
"Kenyans living in Coast Province are among the poorest in the country, despite its potential for economic growth from tourism, fisheries and other investments," he said.
The project, Zutt said, would also benefit from a $5 million Global Environment Facility grant for the conservation and sustainable use of marine and coastal biodiversity.
He said the project would improve the management of natural resources and biodiversity in the region.
Experts say the project will promote sustainable management of tourism and fisheries resources in line with the Government's Vision 2030.
At the same time, Zutt said the project would support reforms of fisheries management in an exclusive economic zone and promote research in near-shore fish stocks to increase earnings of the sector.
Sound Governance
Project task team leader William Leeds Lane said in a statement, the project's objectives would be complemented by sustainable livelihoods in sound governance.
Investment in marine and coastal resources is the first in a series planned by the Government, WB and other development partners to improve the economic viability and increase economic opportunities for about 2.5 million in Coast Province.
The credit is provided on standard terms of the International Development Association, the bank's concessionary lending arm, which include a 10-year grace period and a 40-year maturity period.
The project will also promote dialogue among stakeholders, and establish a community village fund to build capacity.
Source: The Standard | Online Edition
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