Investing in the blue economy to accelerate sustainable development in Africa

The President of the International Fund for Agricultural Development (IFAD), Gilbert F. Houngbo, will be in Maputo, Mozambique for the Growing Blue Conference where he will speak to the need for greater investment in sustainable development for rural people whose livelihoods depend on aquatic resources including small-scale fisheries, aquaculture, and coastal environments.

While in the capital, Houngbo will also meet Filipe Jacinto Nyusi, President of the Republic of Mozambique, to discuss IFAD’s support to the country’s efforts to improve food and nutrition security, adapt to the challenge of climate change, provide employment opportunities for rural youth, and reduce poverty.

Agriculture is the backbone of Mozambique’s economy. It contributes to about 25 percent of the GDP and employs 80 per cent of the country’s labour force. Nearly 95 per cent of agricultural production is rain-fed and by smallholder farmers. Investing in agriculture and in smallholder farmers in Mozambique is essential.

Over 800 million people worldwide derive their livelihoods from ocean-linked industries. Global fish production is valued at about US$ 362 billion and accounts for almost 20 per cent of animal protein for 3.2 billion people. To achieve the Sustainable Development Goals (SDGs) and global food security, issues such as marine pollution, rising sea levels and destruction of aquatic ecosystems must be addressed. Nearly one-third of global fish stocks are already being harvested beyond their sustainable limits.

Since 1980, IFAD has supported over 100 projects involving rural fishing communities and others who depend on aquatic resources. The total cost of these investments is nearly $3.4 billion, of which IFAD’s direct contribution was $1.6 billion. At least 14 African countries are currently receiving IFAD’s support for fisheries and aquaculture-related projects through loans and grants.

Since 1983, IFAD has financed 15 rural development programmes and projects in Mozambique for a total cost of $663.7 million, with an IFAD investment of $391 million, directly benefiting more than 2 million rural households.

Original source: IFAD
Published on 20 May 2019