World Bank Commits Nearly VT3 Billion to Strengthen Fisheries Ministry
May 18, 2026 11:03 pm | Posted in Business News | Share now TwitterFacebook
By Doddy Morris.
Prime Minister (PM) Jotham Napat has confirmed that the World Bank has agreed to provide funding of nearly VT3 billion to strengthen Vanuatu’s fisheries sector, as the Government pushes ahead with major reforms aimed at maximising benefits from the country’s vast ocean resources.
Speaking during the First Ordinary Session of Parliament 2026 yesterday, the PM said the funding would support the newly established Ministry of Fisheries, Oceans and Maritime Affairs, a ministry created for the first time under the current Government.
He said Vanuatu has more than 90 percent ocean compared to its land mass, yet many marine resources remain underdeveloped or poorly managed.
“The Government is introducing reforms to address this area,” the PM told Parliament, pointing to years of mismanagement in the fisheries sector and the need for stronger governance and accountability.
He highlighted recent progress in the fishing industry, particularly the Jack Mackerel fishery, where Government revenue has increased significantly.
“Last year we have seen for the first time the Jack Mackerel, which we never got a benefit out of. Our Government finally lifted the revenue from VT500 million to almost VT1 billion,” PM Napat said. He also praised tighter regulation in the shipping industry and acknowledged former Minister of Infrastructure and Public Utilities Jay Ngwele for his role in strengthening oversight and improving revenue collection.
The PM said the new World Bank support would assist the Government in rolling out fisheries development plans, including proposals for a cannery and a review of existing agreements with Sino-Van Fisheries Limited.
According to the PM, Sino-Van still owes outstanding payments to the Government, and the Council of Ministers will consider legal options regarding the agreement signed several years ago.
“If it needs to be cancelled, we will cancel so that Vanuatu will obtain the maximum benefit,” he said.
PM Napat added that the World Bank funding would help the Government address governance issues and strengthen the fisheries sector to ensure greater national returns from marine resources.
The announcement comes after the PM returned from Papua New Guinea, where Melanesian leaders met during the Melanesian Ocean Summit.
During the summit, leaders signed an agreement to protect around 7,000 square kilometres of ocean territory in TORBA Province amid concerns over declining tuna stocks in the region.
PM Napat clarified that local fishermen would still be allowed to fish in the protected area, but international fishing vessels would face restrictions as the area becomes a marine reserve.
“Science has proved and stated that we are experiencing a decline in tuna stocks,” he said, adding that the decision was approved by the Council of Ministers to safeguard Vanuatu’s marine resources for future generations.
