The Philippine government has secured €200-million funding from Germany’s third-largest bank, KfW Development Bank (KfW), for the protection of marine resources and coastal communities.

“By strengthening the foundations of the blue economy, we are securing livelihoods, raising incomes, and reinforcing a vital engine of national growth, today and for the future,” Department of Finance (DOF) Secretary Frederick Go said during the ceremonial signing of the agreement on Tuesday.

In a news release on Wednesday, the DOF said the development financing program for the Marine Ecosystems for Blue Economy Development Program, Subprogram 1 (MEBED1) “aims to enhance regulatory capacities for the protection, restoration, and sustainable management of marine and coastal resources.”

“The financing will build on the gains achieved under the MEBED Program and support key government reforms and operations aimed at addressing core development challenges in coastal and marine ecosystems,” it added.

The program is expected to generate increased and sustainable livelihoods for more than three million people, including fisherfolk, aquaculture operators, and tourism workers, boosting national income and strengthening the resilience of coastal communities. (PNA)