WASHINGTON, March 29, 2013 - The World Bank Board of Directors today approved an additional grant to the Socialist Republic of Vietnam in the amount of US$6.5 million for the Coastal Resources for Sustainable Development Project (CRSD) to improve the sustainable management of the country’s coastal fisheries. The grant comes from the Global Environment Facility (GEF) – a Trust Fund managed by the World Bank to help address six critical environmental focal areas: biodiversity, climate change, international waters, ozone depletion, land degradation and persistent organic pollutants.
The Original Project (CRSD, with US$100 million from IDA Credit) approved by the World Bank Board on May 10, 2012 has four components:
- institutional capacity strengthening for sustainable fisheries management;
- good practices for sustainable aquaculture;
- sustainable management of near-shore capture fisheries, and
- project management, monitoring, and evaluation.
The project is implemented in eight provinces: Ca Mau, Soc Trang, Khanh Hoa, Phu Yen, Binh Dinh, Ha Tinh, Nghe An, and Thanh Hoa.
The additional GEF grant will be used to finance parts of the inter-sectoral planning for coastal areas and parts of the co-management of near-shore capture fisheries. The grant would provide direct support to around 140 poor fishing communities in 8 project provinces in preparation and implementation of co-management plans for coastal fisheries, which will contribute to the objective of improving the sustainable management of coastal fisheries in the project area.