Liberia’s fisheries sector receives US$40m support from World Bank to boost growth

LIBERIA – The World Bank has approved new financing to improve Liberia’s fisheries sector management and enhance the livelihoods of targeted beneficiaries and increase Government revenues. The Liberia Sustainable Management of Fisheries Project (LSMFP), funded by World Bank’s International Development Association (IDA) in the amount of US$40 million, comprising of US$20 million grant and US$20 million credit. The financing is aimed to improve conditions for fishermen and women, increase value addition for export, and help address economic vulnerability of the Liberian economy to climate change and vulnerability of food security.…

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Alternative seafood growth potential yet to be fully exploited- Good Food Institute

GLOBAL – The alternative seafood market has great unexploited potential which if tapped could provide new growth opportunities for food companies, according to a new report from the Good Food Institute.  Despite the hype around alternative proteins, investors have not been as enthusiastic about seafood alternatives as they have been in beef and chicken.  Plant-based seafood made up just 0.1% of all of the retail dollar sales of the seafood segment in 2020, according to SPINS statistics cited in the report.  If plant-based seafood grows to make up 1.4% of the segment’s sales…

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Tanzania’s government gets support in building fish sector, introduces cage fish farming

TANZANIA – The government of Tanzania through the Ministry of Livestock Development has signed a Memorandum of Understanding (MoU) with the Kagera Regional leaders, Tanzania Agricultural Catalytic Trust (TACT) and Nelson Mandela African Institution of Sciences and Technology to introduce cage fish farming in the North-western region of Tanzania. The project is aimed to boost growth of the sector and increase its contribution to the GDP from the current 1.71%. The sector is also key as it supports about 4.5 million people, with fishing activities dominated by small-scale fishermen accounting…

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Cameroonian company Mavecam to invest US$22m in fish farming to boost local production

CAMEROON – Mavecam, a Cameroonian agricultural firm is seeking to invest FCFA 12.28 billion (US$22.23m) in the establishment of an integrated aquaculture projected in the country. A delegation from the company made a presentation of the project to the Minister of Livestock, Fisheries and Animal Industries (Minepia), Dr Taïga, seeking further support from the government. Mavecam is one of the 117 organizations shortlisted in the context of a call for expressions of interest launched by Minepia to strengthen local food production and encourage private sector investment in the agriculture industry,…

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Angola to inaugurate new fish processing, wheat production units to spearhead growth of food industry

ANGOLA – Angola based fishing company, Seatag Pesca Projecto, has announced that its new fish processing factory currently under construction is 70% complete. Set to be finalized and commence operations in the first quarter of 2022, the unit will have a processing capacity of 60,000 tons of diverse fish. In the first phase, according to reports by Angola Press, the factory will guarantee 900 job opportunities. The administrator of the company, Alcatir Costa, revealed that the project which commenced in November 2019, had an initial value of US$78 million, an…

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JBS enters Australia’s aquaculture market with acquisition of salmon farmer Huon for US$313m

AUSTRALIA – World’s largest processor of fresh beef and pork, JBS is expanding its presence in the Australian animal protein market with the acquisition of salmon producer Huon Aquaculture Group for AUD 425 million (US$312.5 million).  Based in Tasmania, Huon farms salmon and ocean trout, and its products are sold at stores and supermarkets across Australia, as well as via the company’s online store.  The company is said to be Australia’s second-largest salmon producer and has invested more than US$256.6 million over the past five years in operational infrastructure and…

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Kenya’s Lake Region Economic Block to benefit from US$1.1m fish processing plant

KENYA – Kenya’s county government, Kakamega, has commissioned a fish processing plant with a capacity to process 30 metric tonnes of fish per day, providing a ready market for farmers in the 14-member Lake Region Economic Block (LREB). The facility which has been under construction since 2009, received initial financial backing of Ksh. 60 million from the National Government with the county government spending another Ksh20m. To propel the finalization of the project, the investor running the factory, DAS Limited invested Ksh40 million. “The County Government appreciates our partners, the…

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Kenyan based aquaculture entity Victory Farms ropes in new investor, gets multi-million-dollar backing

KENYA – East Africa’s largest commercial fish farm, Victory Farms, has received a multi-million-dollar mezzanine debt investment from social impact investor specializing in the African agriculture sector, AgDevCo. The investment will support the company’s continued growth and impact, including the construction of a feed mill and expansion into new countries in the East Africa region, growing its foot prints beyond Kenya. Founded in 2015, Victory Farms operates a vertically integrated business, with its own hatchery, nursery ponds and deep-water cages in Lake Victoria, plus a processing plant and a distribution…

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Scottish Sea Farms stregthens position in UK salmon market with acquisition of Grieg Seafood Hjaltland

UK – Scottish salmon farming company Scottish Sea Farms (SSF) has agreed to acquire local peer Grieg Seafood Hjaltland UK (GSHU) in a deal estimated to be worth £164 million (about US$226.69 million).  With operations in Shetland and Isle of Skye, GSHU currently has 21 active seawater sites, a freshwater hatchery and a processing facility – harvesting around 16,000 tonnes (HOG) of Atlantic salmon in 2020.  Its acquisition, therefore, aligns well with SSF’s long-term strategy to strengthen its presence in the region, enabling it to deliver optimal biological performance and help meet the rising demand for premium quality, Scottish-grown salmon.  Scottish salmon…

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Kenya’s coastal region to benefit from US$92.7m fisheries project supported by World Bank

KENYA – The President of Kenya, Uhuru Kenyatta has launched the Ksh 10 billion (US$92.7m) Kenya Marine Fisheries Socio-Economic Development Project, aimed at uplifting the living standards of fishing communities along the Kenyan coast and promote sustainable exploitation of the country’s fisheries. The government initiative, supported by the World Bank is targeted to benefit 19 sub-counties in Kwale, Mombasa, Kilifi, Tana River and Lamu Counties. As part of the project, the government seeks to establish a fish processing factory in Lamu, as it targets to attain a landing of 300,000…

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