There is potential for investment in the fisheries industry in the country says the Bank’s Managing Director, Moses Liu. Mr. Liu explained that from working with its clients, the Bank has come to see the high potential the fisheries sector has to offer.
“The SME space in the fi sheries industry is quite big and there is opportunity for everyone, particularly those in the coastal and inland areas. It has been well documented that worldwide, fisheries and aquaculture provide direct employment and revenue to an estimated 38 million people mainly fishermen, but also an increasing number of fish farmers and if we are able to encourage more engagement in this sector through schemes like this, the more beneficial it will be for our people.” Mr. Liu said.
He made this remarks during a cheque presentation of K5 million made this week by the National Fisheries Authority (NFA) to the National Development Bank for the continuation of the Fisheries Credit Scheme.
“It’s an exciting path of our Banking service in the fisheries industry sector at this point in time because fisheries is a new industry that the Bank has embarked on”, he added.
Mr. Liu made an example of the successful Maru Marine Ltd who has benefited from the credit scheme. They are now able to export lobster to Australia for the first time. NFA Managing Director, John Kasu said the K5 million cheque to NDB is a follow up on the decision their Board has made in 2007 to have K15 million extended to the Bank to be able to lend to the SME’s and fisherman.
“We’ve been looking at assisting our SME in different ways. We’ve got PDF programmes we are looking at to assist grassroots fi shermen to get involved in fi sheries activities.
“And part of it was to have NFA put some money aside to NDB and micro credit schemes. For NDB we extended K5 million initially and since then, we’ve been working
together on lending this money to assist our medium scale fi sheries operators.
“I think we have seen some success stalls that have come out from 75% of the initial K5 million that has been expanded on projects and according to the MOA we need to replenish that.
The scheme was established in 2007 for K15 million whereby K5 million would be drawn in tranches of K5 million.