The Challenge Fund aims to engage businesses in making coastal fisheries more sustainable and productive. It is led by the World Bank with a budget of USD 7.8 million for five years.
Bringing businesses on board connects fishing communities to markets and to consumers. If communities manage to meet market needs and consumer demands, efforts developed under initiatives such as CFI have a better chance to become self-sustainable.
The Challenge Fund will help to make the connection between business and fishing communities, as well as government and investors. When the interests of all those parties are aligned, they have the power to improve coastal fish resources, to enhance the wellbeing of communities and to boost local and national economies.
In bringing those stakeholders together, the Challenge Fund aims to build coalitions rallied behind the common goal of improving the sustainability and productivity of coastal fisheries.
It will focus on concrete business ideas and support coalitions in finding innovative, long-term solutions to reach their common goal, in identifying obstacles for their implementation and in designing responsible investment packages.
Four of the six countries where CFI works have joined the Challenge Fund so far, Cabo Verde, Ecuador, Indonesia and Peru. In each country, activities are linked to an ongoing World Bank project.