In December, 2018 the Agricultural Development Bank (ADB) launched its new Fishing Loan Product in Tobago. The product is branded as the ‘Sea to Shore’ facility with the tag line ‘Funding Fisherfolk Responsibly’. The Honourable Chief Secretary of the Tobago House of Assembly (THA), Mr. Kelvin Charles, delivered the feature address at the event.
The ‘Sea to Shore’ loan facility provides support to fisherfolk in the artisanal fishing sector, while ensuring alignment with national objectives for the management, conservation and sustainable use ofTrinidad and Tobago’s fisheries resources. Thee loan further promotes and encourages the adoption of sustainable fishing practices, sustainable fishing gear and the practice of safety at sea.
In his address, the Chairman of the ADB, Mr. Winston Rudder, indicated that the facility was part of the Bank’s strategic initiatives to satisfy the needs of its clients inclusive of fisherfolks while addressing the issue of Food and Nutrition security.
The Chief Executive Officer, Mr. Sheivan Ramnath, in his remarks emphasized the importance of the fishing industry towards agriculture’s GDP and the critical role it plays in terms of the socio economic development of our twin island.
The ADB has historically financed the Fishing Sector through tailored loans accessed under its flagship loan product, the New Reality Loan. However, the option to offer a loan product specifically targeting the artisanal inshore fishing sub-sector and value chain was explored and found to be feasible, thus stimulating the introduction of this new loan product – ‘Sea to Shore’.