World Bank spotlights blue economy

THE WORLD Bank has applauded the rising investment portfolio in the blue economy sector, which comprises investments in reducing the pollution at sea and ensuring that millions of people around the world have access to clean water, its executives said this week.

In a statement issued at the Sustainable Blue Economy Conference in Nairobi, the lender said it had raised 66 billion

Kenyan shillings (about R9.1bn) in sustainable bonds, which highlight the critical role the oceans and water resources play in international development.

The World Bank has committed $37bn (R514bn) in water resources and other ocean-related portfolio of more than $4bn, which includes funds invested in a project in the Philippines and Indonesia, aiming to reduce the marine pollution, according to bank executives.

The bank, through its International Bank for Reconstruction and Development, has managed to raise the

$660m through the Sustainable Development Bonds.

Bank officials said investments in enhancing the blue economy sector were focused on helping countries accelerate efforts to aid communities living in coastal areas to cope with shrinking coastlines and improving the management of fisheries and fish stocks.

The leaders focused their discussions on the need to assist communities living in coastal areas to deal with pollution of waters, harvesting of water resources and smart technologies investments in order to make industries operating at sea to become profitable.

According to the World Bank, it becomes more challenging to maintain focus on fresh water and salty water resources, which requires that both the private sector and the government are involved in developing innovative financial solutions. | News Ghana