24 September 2014: The World Bank, in partnership with the Global Environment Facility (GEF), approved a project to improve the management of migratory fish stocks in coastal areas and areas beyond national jurisdiction (ABNJ) in four marine regions. The US$10 million project aims to maintain the economic benefits of sustainable fisheries and biodiversity conservation in the Western Atlantic and Caribbean; Bay of Bengal; Western and Central Pacific; and the Eastern Pacific regions.

The ‘Ocean Partnership for Sustainable Fisheries and Biodiversity Conservation Project’ will allocate grants to the four regions to catalyze investments for public-private partnerships that mainstream the sustainable management of highly migratory fish stocks in areas within and beyond national jurisdiction. It has three components: definition, development and implementation of business plans for the transformation of sustainable fisheries; an innovation support facility, led by Conservation International (CI); and inter-regional coordination and monitoring and evaluation.

The project will help “spur the type of innovative and concerted action—within and beyond national jurisdictions—that is so urgently needed” for migratory species, such as tunas, sharks and billfishes, which travel beyond exclusive economic zones (EEZs) and into ABNJ, said Tim Bostock, World Bank Fisheries Expert. Bostock explained that the high economic value and transboundary nature of these fish stocks “makes them uniquely challenging to manage effectively.” For example, 85 countries are engaged in the tuna fishery, which is valued at US$10 billion a year, according to the GEF.

“Continued mismanagement of fisheries represents one of the most serious threats to marine biodiversity and livelihoods in developing countries,” noted Gustavo Fonseca, Director of Programs, GEF. Fonesca said improved fisheries management can simultaneously enhance fisheries productivity, restore biodiversity and support livelihoods.

The GEF will support the project’s focal areas on biodiversity restoration and cooperative management of international waters. [GEF Press Release] [Project Website]