ASIAN DEVELOPMENT BANK FUNDS FSM FISHERIES MODERNIZATION

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MANILA, Philippines (July 31, 1997 - PACNEWS)---The Asian Development Bank (ADB) has provided the Federated States of Micronesia with a grant totaling $934,000 (US) to help modernize the North Pacific nation's fisheries management.

The grant will help the FSM increase its share of the rich tuna catch in its Exclusive Economic Zone (EEZ).

The FSM has one of the largest EEZ's in the Pacific, yielding about 210,000 tons of tuna annually. But, because the country's private fishing capability is small, nearly all of the tuna catch is harvested by foreign fishing vessels.

The ADB's technical assistance grant will help the existing Micronesian Maritime Authority develop a single FSM fisheries management organization. It will design and implement a fisheries management and development plan in collaboration with other government departments, the private sector, and external agencies.

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