20 May 2014: Participants discussed the role of building infrastructure and capacity in maximizing the blue economy during a session titled ‘Maximizing Africa’s Blue Economies’ at the African Development Bank’s (AfDB) 2014 Annual Meeting. Participants also discussed challenges such as climate change, sustainable supply changes, over-fishing and toxic waste within the context of the blue economy.

The revenue other nations receive from fishing in African waters “is more than the money they send to Africa through development aid,” declared AfDB President, Donald Kaberuka, who called for action on the blue economy. Pierre Laporte, Minister of Finance, Trade and Investment, Seychelles, described challenges Seychelles faces in exploiting its marine resources, noting that other nations harvest tuna from its waters but the Seychelles cannot afford its own commercial fishing fleet.

“The real challenge is infrastructure and finding people to invest in it,” declared Patrick Achi, Minister of Economic Infrastructure, Côte d’Ivoire. Once infrastructure is in place, Achi said coastal trade will follow.

Regional cooperation also plays a critical role in the development of national economies, according to participants. Trevor Manuel, Minister in Charge of the National Planning Commission, South Africa, emphasized that benefits from infrastructure development also spread to neighboring landlocked countries that rely on these ports for trade.

Participants also noted the negative effects of toxic waste dumping and over-fishing on the sustainability of marine resources. Achi called for creating awareness on the use and preservation of marine resources as well as setting up proper policies.

The AfDB Annual Meeting is being held from 19-23 May in Kigali, Rwanda. [AfDB Press Release] [Annual Meeting Website]