1. Background:
The potential of aquaculture development for Africa’s economic growth is well recognized and supported. A great deal of projects both globally and in Africa, have been financed with mixed results. Africa’s aquaculture sector is relatively small, accounting for less than 2% of global farmed fish production but is a rapidly growing industry on the continent. While the potential for aquaculture development in Africa is large, the continent lags behind the rest of the world, in spite of a considerable “blue food” demand that is consistently unmet by capture fisheries. As a result, Africa remains a net importer of fish and the per-capita consumption of fish and aquatic products remains one of the lowest in the world. Most experts agree that poor quality seed, feed and limited technical knowledge is hampering the development of the sector. In spite of countless projects aimed at addressing these needs the sector has yet to deliver on its potential.
2. Rationale
Financing and Investment in sustainable and resilient aquaculture development in Africa holds potential for substantial contribution to economic growth, empowerment, youth and women employment, sustainable food supply, and supplementation of the dwindling wild-capture fish resources. Aquaculture is one of the fastest growing food production sectors globally. Given its growth potential, aquaculture has been earmarked as a priority sector by many African governments.
Rising global fish demand means that increased production is required and it is estimated that more than 60% of this demand will be met by aquaculture production, thereby increasing the need for new and targeted investments in aquaculture. There is increasing interest by the private sector, development finance institutions and governments to invest in the aquaculture value chain in Africa. Global investment companies are exploring opportunities to establish financing and investment mechanisms to further support aquaculture businesses in the African continent, including those that are not yet of direct commercial interest to the commercial companies. A coordinated, strategic and innovative approach to financing and investment is needed to ensure that national, regional and continental policies, strategies and aspirations are met and that initial investments are used to catalyze additional financing to fully realise aquaculture value chains in a viable and sustainable manner.
3. Goal and Objectives:
The overall goal of this session is to serve as a platform to share information, lessons and best practices on financing and investment for development the aquaculture industry on the continent
The objectives of the session are to:
4. Intended Outcome:
The Financing and Investment session at AFRAQ21 will identify innovative mechanisms in which respective stakeholders can engage with and support development of the industry over the medium and long term.
5. Approach:
The approach to the session will be based on 3 main principles:
The format of the session will be designed as outlined below