ROME, Sept. 16 (UPI) -- A $12.6 million grant will target an effort to boost the fishing sector in one of the last under-explored markets in Eritrea, an agency said.
The International Fund for Agricultural Development said coastal regions in Eritrea were once one of the most vibrant fishing grounds in the region, though much of the sector was destroyed by decades of conflict.
"The country has some of the few remaining underexploited fish stocks in the world," the agency said in a statement. "However, little support has been provided to the country's fishing communities to take advantage of these rich resources."
IFAD said it was giving Eritrea a $12.6 million grant to support a fisheries development project that would help an estimated 6,000 households in the Horn of African country recover from poverty.
The goal of the grant is to raise production and productivity in the Eritrean fisheries sector while at the same time conserving existing fish stocks and the marine environment, the agency said.
Groups benefiting from the grant will receive training in best-management practices and have the opportunity to purchase their own boats.
"With this new program, IFAD will have financed 4 projects in Eritrea for a total investment of $55.8 million," the agency added.