The government’s efforts to protect marine resources and expand economic opportunities for coastal communities are getting a 200-million euros (P13.6 billion) grant from the KfW Development Bank (KfW), the Department of Finance (DoF) announced on Wednesday.

According to Finance Secretary Frederick Go, the DoF secured the financing in a bid to strengthen 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,” he said during the ceremonial signing of the agreement on 17 March between him and KfW Management Committee Member for Europe and Asia Stephan Opitz at the DoF office in Pasay City.

The Marine Ecosystems for Blue Economy Development Program, Subprogram 1 (MEBED1), as the project is called, aims to enhance regulatory capacities for the protection, restoration and sustainable management of marine and coastal resources.

The KfW 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.

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

Go noted that the partnership with KfW reflects a shared commitment to ensuring that environmental protection, climate resilience and economic growth advance together.

KfW Development Bank is a leading German state-owned promotional financial institution, established to improve economic, social and environmental living conditions globally. On behalf of the German federal government, it finances projects in developing and emerging economies, focusing on climate action, poverty reduction and stability.

The signing ceremony was witnessed by DoF Undersecretary Joven Balbosa and German Embassy deputy head of mission Mathias Kruse.