PHNOM PENH – An Investment Support Facility (ISF) scheme was launched on May 29 to support fisheries operators with technology, financing, and value chains after the fishing season. 

The aim is to respond to challenges which include inadequate fish-processing technologies, limited value addition, and food safety concerns that impact consumer’s trust and global competitiveness, the UN Industrial Development Organization (UNIDO) says.

It is designed from the CAPFISH-Capture project that is built on the success of its current Value Chain Investment Support, also known as VCIS. It targets over 100 eligible enterprises in the fisheries value chain in addition to the 50 enterprises already being supported by VCIS.

Mey Vann, secretary of state of the Ministry of Economy and Finance and a council member of the Credit Guarantee Corporation of Cambodia (CGCC), said ISF is important in enhancing the fishery sector, as eligible enterprises will be able to access technical support, capacity building and financial assistance.

These include a grant and guaranteed loans with favorable conditions.

The scheme is a blended financing initiative co-founded by the European Union, the Fisheries Administration, UNIDO and CGCC.

It aims to assist fisheries enterprises after the fishery season, input suppliers, and value chain partners, as well as increase productivity with high quality and safety.

Dith Tina, Minister of Agriculture, Forestry and Fisheries, said ISF will contribute to fishers at all levels in processing products in the post-fisheries season, because high quality and safety are the requirements for exports that will help expand productivity sustainably and responsibly.

Meanwhile, Dejene Tezera, UNIDO’s director of agri-business and infrastructure development, believes that such an initiative will “elevate the value and quantity of safe, high-quality fishery products, enabling fish processors to thrive in global markets.”

Investments in innovation and capacity building pave the way for a future where the sector “stand tall on the world stage, delivering excellence, reliability, and prosperity to local communities and beyond,” he said.

Igor Driesmans, EU Ambassador to Cambodia, believes that the ISF, aligned with the global market requirements, will boost the sector’s competitiveness and sustainability and reinforce economic expansion, public health safeguards and job creation.

Credit to: Cambodianess, Publish on 30 May 2024