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World Bank Agrees Two Loans to Bissau for Fishing Industry, Tourism
Tuesday, 03 May 2011 11:58
(Bloomberg) - The World Bank said it will grant Guinea-Bissau two loans to increase the protection of fishing waters
and nature reserves in the West African state. An $8 million loan will fund satellite monitoring and coastguard patrols to curb illegal fishing, Country Program Coordinator McDonald Benjamin told reporters in Dakar, Senegal, yesterday.
“Because of these protections, the country’s fish stock will increase, average fish sizes will grow, and every time a boat leaves to fish, they will catch more and better fish with less and less effort,” Benjamin said.
A second $9.5 million loan will create three national parks in the former Portuguese colony that will be “the basis of tourism in the future,” he said.
Guinea-Bissau’s ambassador to Senegal, Mario Leopoldo Cabral, told reporters the funds would help diversify Guinea- Bissau’s economy away from cashew nuts, its primary cash crop.
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