Abstract
The demand for aquatic blue food is growing significantly across the African continent, amid climate change impacts and stagnating capture fisheries. Apart from a few African countries, domestic fish production cannot meet current and future demand. Africa will have to increase her efforts and investment in aquaculture and reform the aquatic food systems if it will not continue as a net importer of fish and fish products.
The World Bank is actively promoting sustainable aquaculture and fisheries sectors across the continent to transform them into vibrant economic activities able to satisfy the domestic demand for aquatic blue foods and to target export opportunities. Given that aquaculture currently contributes over 57% of aquatic production globally, the World Bank has recently increased its focus on aquaculture development. The World Bank’s aquatic investment are aimed at addressing the main structural problems of aquaculture in Africa, such as the poor access to quality feed and improved seed, limited technical skills and capacities, limited access to information and innovative technologies, weak aquaculture and policy implementation as well as poor access to credit.
The Aquabusiness Investment Advisory (AquaInvest) Platform funded by the PROBLUE Multi-Donor Trust Fund and administered by the World Bank is an Advisory Service and Analytics (ASA) formed to systematically address these challenges. The AquaInvest Platform is a collaborative initiative between the WB, International Finance Corporation (IFC), Food and Agricultural Organization (FAO), Global Environment Facility (GEF), World Wildlife Fund (WWF), United States Agency for International Development (USAID) and other partners to distill and improve best practices in aquabusiness development for economic, social, and environmental sustainability and support countries with the needed analytics and advisory. As a hub for guidance, tools, and knowledge products, the AquaInvest Platform is preparing global guidelines in sustainable aquaculture investment. In addition, the World Bank’s Blue Economy for Resilient Africa Program, announced at COP27, provides multisectoral analytical, financial, and policy support to help fish farming communities to adopt climate resilient aquaculture.
In this paper, we discuss how the World Bank and partners will continue to unlock the potential for resilient aquaculture within the public sector with special emphasis on small and medium scale aquaculture investments across the aquaculture value chain.
Key words: small and medium-scale aquaculture, finance, domestic, export, business, investment.