Local fish and jobs: The AfDB bets on fishing in Equatorial Guinea

36 billion CFA francs is the amount granted by the African Development Bank to boost fisheries and aquaculture in Equatorial Guinea.

the objective of this project is to multiply fish production by four, with 19,000 additional tons on the markets. Today, the country only produces 5,000 tons per year, for a domestic demand twenty times higher.

As a result, Equatorial Guinea had to import almost 9 billion FCFA worth of fish in 2023. A bill that the project intends to significantly reduce, while doubling the incomes of fishermen, fish farmers and traders.
The project is part of the Bank’s strategy to *diversify an economy still 78% dependent on oil.

With this project, the AfDB is strengthening its presence in Equatorial Guinea, where its portfolio now totals *more than 51 billion CFA francs.

source: EcoMatin