ADB approves $93 million loan for Indonesia’s shrimp farming sector – India Education | Latest Education News | Global Education News | Daily News Byte

ADB approves  million loan for Indonesia’s shrimp farming sector – India Education |  Latest Education News |  Global Education News

 | Daily News Byte

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MANILA — The Asian Development Bank (ADB) has approved a $93 million loan to boost shrimp farming by smallholder farmers in seven provinces in Indonesia.

The Shrimp Aquaculture Infrastructure Improvement Project will help the Ministry of Marine Affairs and Fisheries to introduce sustainable shrimp aquaculture to increase the productivity, quality, profitability and environmental sustainability of smallholder shrimp farming in the provinces of Bali, Banten, Central Java, East Java, Lampung, Nangro Aceh Darussalam and South Sulawesi.

“Indonesia is a key player in the global shrimp market, ranking among the top five shrimp producers in the world with a global market share of 8.7% and export markets in the European Union, Japan and the United States,” said ADB Principal Water Resource Specialist for Southeast Asia by Eric Quincieu. “Through ADB’s assistance, we expect sustainable aquaculture practices to help reduce pressure on the ecosystem while increasing productivity.”

The project will improve smallholder farmers’ access to quality inputs, production and post-harvest practices and traceability through investments in climate-adaptive infrastructure, capacity building and strengthening of value chains. The project will also facilitate the transfer of knowledge in the production of high quality genetic prawns to the Ministry of Marine and Fisheries to reduce reliance on imported brood stock.

About 5,200 small farmers, including more than a thousand women farmers, will benefit from improved infrastructure and capacity. About 35,000 smallholder farmers, of which about 7,000 are women, will benefit from improved access to quality inputs and capacity-building programs for sustainable and climate-adaptive aquaculture. The project will also contribute to the recovery from the COVID-19 pandemic by providing employment opportunities and promoting rural entrepreneurship.

The project is in line with the government’s National Medium-Term Development Plan, 2020-2024 and ADB’s Partnership Strategy for Indonesia, 2020-2024, and its Action Plan for Healthy Oceans and a Sustainable Blue Economy.

ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while maintaining its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members—49 from the region.

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