The Asian Development Bank discloses its strategic equity investment plan for Vietnam-based Australis Holdings, Inc., committing over US$15 million to fund its Climate-Smart Barramundi and Seaweed Aquaculture project.
Vietnam’s fishery and aquaculture sector is thriving, with its rich and diverse fish farming culture has earning the nation a valuable position as the fourth-largest seafood producer in the world. However, the country is in dire need of adopting sustainable practices to cultivate biodiversity and the regeneration of indigenous species, while enhancing fisheries’ production.
Seeing the growing potential within the global aquaculture industry, The Asian Development Bank (ADB) has committed to invest over US15 million to back the new Climate-smart aqua-farming project led by the Vietnam-focused Australis Holdings, Inc. (AHI), while providing an additional grant of up to US$3 million. ADB disclosed that it will provide an additional grant of US$3 million for AHI’s recent undertakings through its Climate Innovation and Development Fund (CIDF), which is dedicated to supporting sustainable and low-carbon economic development in developing countries in the Southeast Asian (SEA) region.
AHI also unveiled its recent Climate-Smart Barramundi and Seaweed Aquaculture project, to help foster diversity within the aquatic ecosystem, while increasing high-quality seafood protein production in Vietnam’s fish farming sector, while building climate resilience.
A spokesperson at ADB stated, “The project will foster technology transfer of best practices in sustainable aquaculture and improve gender equality standards.”
Working parallel with the Vietnamese government’s ambitions to build prosperity within the local aquaculture sector, the project foresees leveraging state-of-the-art technology and innovative farming techniques in the fishing and export of major aquatic species in the country. Additionally, it will focus on sustaining the ecological environment, preventing the spread of seafood-related diseases, and ensuring that food safety is maintained throughout the process.
Moreover, the recent investment into the aqua-farming project aims to propel ADB’s action towards its agribusiness strategy for 2019-2024, as it strives to foster the development and growth of climate-resilient and environment-centred businesses and startups in the region.
ADB’s Private Sector Operations Department Specialist, Duarte Henriques da Silva, added, “The project is also aligned with ADBs sovereign operations in agriculture and natural resources, including the pipeline project, Restoration and Sustainable Management of the Coastal Forests in the Mekong Delta.”
ADB continue to work toward building prosperity, inclusion, resilience, and sustainability in Asia Pacific and commits to further expand its efforts in supporting the eradication of poverty in the region.
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