The government efforts to create conducive investment environment in the marine sector have materialised and made some commercial lenders to start finance marine activities.
This was said yesterday by the Principal Secretary from the Ministry of Blue Economy and Fisheries, Dr Aboud Jumbe during his tour to the Tanzania Standard Newspapers Head Office in Dar es Salaam yesterday.
“Some commercial banks have started to provide financing to fishing activities after the government put friendly environment,” he said, citing the research conducted by Food and Agriculture Organization (FAO) four years ago and showing how difficult it was for fishermen to access loans due to strict lending conditions.
Dr Jumbe said for example in the initiative, the Zanzibar government decided to come up with the seed money programme aimed at providing capital to fishermen for blue economy activities.
He explained that the government placed about 28bn/- seed money through CRDB bank to enhance fishing and seaweeds activities.
The other financial institutions that have programmes for empowering fishermen and seaweed farmers in the islands are Amana Bank and NMB.
However, Dr Jumbe asked financial institutions to be proud to support the government in the blue economy since they were guarantors to marine activities.
In addition, he said the economy that combines the economic, social and environmental benefits of the ocean is also regarded as an alternative development paradigm.
Zanzibar’s poverty reduction and economic growth will be dependent on the long-term management of its natural resources, especially the coastal and marine ecosystems.
