Fishing industry gets US $25 million credit boost

Yemen’s fishing industry is set to receive a much needed boost following an agreement for a World Bank credit of US $25 million, the Deputy Minister of Fisheries Mahmoud Sagheri confirmed. The credit was approved by the bank on 15 December. The Yemeni official said that the credit, in addition to another US $9.5 million grant by the European Union, will help the country improve sustainability of the industry through better management, conservation and higher incomes for fishermen. It will also provide modern technology, such as refrigeration stores for improved fish preservation. "The Fisheries Resource Management and Conservation Project will set up an information system for all fisheries in Yemen. This will enable us to know all kinds of fish, their prices and fishing locations," Sagheri said. He added that the system will provide them with accurate information on fish availability in the domestic markets and what types are exported abroad, as well as quality control in order to increase profits for fishermen. After petroleum, the fishing sector is the second most important source of export revenues for Yemen, amounting to US $210 million in 2004. This is largely due to Yemen’s 2,230 km coastline which boasts a valuable catch. "Rich fisheries resources have become a major source of employment and income for some of the poorest populations in Yemen, who currently inhabit the coastal, rural areas," a World Bank statement said. The first step of the project will involve enhancing management of the industry. "Fishing is still run in a traditional way. We do not have a system for managing, controlling and marketing this wealth, which can improve the economy if it is well-managed," said Sagheri. According to media reports, some ships, including foreign vessels, have been reported to have been fishing in Yemeni waters without proper licenses, due to a lack of an effective marine patrol system. Some also engage in illegal practices, like blast-fishing with explosives which damage the environment. This represents another challenge to preservation of fisheries resources. In response to such practices, the Yemeni parliament debated a draft law aimed at better regulating the industry. Sagheri said the legislation would be passed next month. "We have been aware of all these illegal practices but could not take any legal action because there has not been any legislation in this respect. This law will give us the authority to take firm actions to preserve fishery resources," he explained. The Ministry of Fisheries started implementing projects in 2003, which helped increase the amount of fish in the country’s waters. "During 2001 and 2002, our product reached 150,000 tons [of fish] per year. But product soared to 250,000 tons per year following implementation of new policies in consultation with the World Bank. This increased fishermen’s income in 2003 and 2004," he emphasised. "This is the reason why the World Bank and other donors have agreed to support us." The World Bank credit has a maturity of 40 years, including a 10-year grace period. "This is good, and will not affect the Yemeni economy at all. The credit maturity is long and the profit rate is not that much," said Sagheri.