Oceans Finance Facility to Finance Effective Management and Transitional Reform of OceanicFisheries. N.B. Retitled at PPG stage to: Ocean Partnerships for Sustainable Fisheries and Biodiversity Conservation - Models for Innovation and Reform
This Project aims to support future pilot public and private sector investment in better managed fisheries targeting migratory stocks that straddle developing countries' coastal jurisdictions (Exclusive Economic Zones) and areas beyond national jurisdiction. Specifically, through the six sub-projects addressing economic, social and environmental inefficiencies within their involved fisheries. This will be achieved through reforms in the ways fisheries are managed, with a particular focus on innovative institutions that include those that foster effective rights-based and co-management of fisheries. Consequently, all Projects contribute to increasing sustainable and net economic benefits to coastal and island developing countries, while enhancing ocean biodiversity conservation.
The Project contributes directly to the objectives of both the ABNJ Program and the recently convened Global Partnership for Oceans (GPO). Co-financing has been made available through GPO partners and includes existing and planned World Bank IDA/IBRD4 investments.