Madagascar's fishermen get access to microcredit

Dec 29, 2010

Traditional fishermen from Madagascar's south-west region are to get access to a microfinance institution for the first time.

Launched on December 8th 2010 as part of the PACP programme helping fishermen from the Toliara area of the country, the initiative has been led in collaboration with the African Development Bank and the government of Madagascar.

The microcredit system is exclusively aimed at fishermen through an agreement between la direction générale de la pêche and the microfinance institution Vola Mahaso, the newspaper l'Express de Madagascar reports.

A credit line of 378 million ariary (€135,000) is financed by the PACP.

Armand Colin Ratsirisija, project manager at PACP, told the newspaper that "150 groups from the Manobo and Saint Augustin regions will be the project's first targets, followed by a further 150 traditional fishermen's associations".

Project managers have stated the main objective of the initiative is to improve the living conditions of around 21,000 fishermen.