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Microfinance institutions in Côte d'Ivoire have pledged to support tilapia farmers with new, tailored financial products to help grow the country’s tilapia sector.
The announcement was made during the first Aquaculture Finance Forum (FFA), organised by the FISH4ACP programme of the UN Food and Agriculture Organization (FAO) in partnership with Côte d’Ivoire's Ministry of Animal Resources and Fisheries (MIRAH).
According to FISH4ACP, the goal is to transform tilapia farming into a fully developed economic activity that can create jobs, particularly for young people and women, while meeting the country’s rising demand for affordable protein.
At the forum, leading microfinance institution ADVANS Côte d'Ivoire presented a new financial product to cover the cost of fish feed, which makes up almost 70% of total production costs for fish farmers. This scheme will be available from mid-September, FISH4ACP said.
“Aquaculture is a booming sector that needs support,” said Aboubakar Koné, head of agricultural partnership projects at ADVANS Côte d'Ivoire, via a news release. “Thanks to the training on financing fish farming led by FISH4ACP, we have better understood the stakes of the sector and its potential. This is what motivates our commitment.”
Côte d'Ivoire national network of savings and credit cooperatives UNACOOPEC also announced a package of financing options that will cover not just feed, but also equipment and farm maintenance. “We aim to provide comprehensive financing that responds to the real needs of producers,” said Marina Sobo, head of UNACOOPEC’s competitiveness cluster for aquaculture and rubber sectors.
Other institutions, including BAOBAB Côte d'Ivoire, the Network of Savings and Credit Mutuals of Côte d'Ivoire (RCMEC), and digital services such as Orange Bank and Wave, are also working on products specifically designed for fish farmers, FISH4ACP said.
About FISH4ACP
FISH4ACP is a five-year, €40 million programme launched in 2019 by the Organisation of African, Caribbean and Pacific States (OACPS), coordinated by the FAO and funded by the EU and German Federal Ministry for Economic Cooperation and Development. Its mission is to enhance the productivity, competitiveness, environmental sustainability, and inclusivity of fisheries and aquaculture value chains across 12 ACP countries, spanning Africa, the Caribbean, and the Pacific.