The World Bank Group is supporting Morocco in building a climate-resilient Blue Economy.
The World Bank Group
Morocco is focusing its efforts on creating a modern regulatory framework and strengthening trade links, opening access to global seafood markets, according to The World Bank Group.
It currently has 322 licensed aquaculture farms, targeting a total annual production of over 124,000 tons for now. The African nation aims to reach 300,000 tons of aquaculture production and 30,000 jobs within the next decade.
Investment is also expected to exceed USD 1 billion, and the development of its aquaculture sector is expected to help reduce seafood imports and stabilize domestic supply.
Relying on its projections, the World Bank has launched a USD 350 million Program for Results and a USD 5 million grant from the PROBLUE Multi-Donor Trust Fund.
"The World Bank Group stands ready to support the Kingdom of Morocco and the National Agency for the Development of Aquaculture in advancing aquaculture as a national priority," said World Bank Division Director for Maghreb and Malta, Ahmadou Moustapha Ndiaye.
Also, he detailed: "We support streamlining regulations, reducing investment risks, and mobilizing financing —leveraging the International Finance Corporation's leadership to boost private sector participation in this promising sector."
Finally, Phase II of the North Africa Blue Economy Program provides support to the National Agency for the Development of Aquaculture (ANDA) with training in sustainable shrimp farming and initiatives to promote seaweed cultivation.
