The Ministry of Economy and Finance of Madagascar announced in a press release that the African Development Bank (AfDB) has approved financing in the amount of 33 million dollars to develop the country's fisheries sector.

The financing provided by the African Development Bank will support the Project to Support Fishing Communities (PACP) in Madagascar. This project consists of providing equipment, training and micro loans to small fishers. Also, the same development project dedicated to traditional maritime fishing in the southern coastal zone would reduce rural poverty in Madagascar according to the ministry.