Kenya is among countries set to benefit from Sh118.8 billion pledged during the first of its kind Blue Economy Conference.
The funds will help countries unlock the full economic potential of oceans, seas, lakes, rivers and other water resources.
Marine protection, plastic waste management and marine safety and security will be among the biggest beneficiaries in the just concluded three-day conference that brought together over 17,000 delegates.
Others set to benefit are fisheries development and infrastructure.
The statements of intends were made during the three-day conference at Kenyatta International Convention Center.
Under marine protection,Canada committed a $ 1.5 billion ocean protection plan project to enhance maritime safety and addressing protection of marine biodiversity.
Namibia pledged to allocate $5milion for marine protection and research while Bahamas pledged to increase marine protected areas beyond 10 per cent by 11 million acres.
It also pledged to allocate $ 5million for marine protection and research.
The commitments come even as Kenya losses Sh 10 billion annually due to illegal, unregulated and unreported fishing.
Kenya on her part pledged to confront the challenge of waste management and plastic pollution.
The country also pledged to ensure safety and security in the high seas so that global trade, connectivity and all businesses can thrive unhindered and unfettered.
Kenya also pledged to establish a Blue Economy Bank to Support the growth and development of the Sector.
Under the plan, the Nairobi University will have an African Blue Economy innovation and research centre.
Some 5000 graduate seafarers will be trained at UoN in partnership with global shipping lines.
Victory farm East Africa committed to construct a hatchery that produces 10,000MT and is set to make it sub-Sahara Africa’s largest tilapia hatchery in 2019.
Under the statement of intend, EU pledged 40 million Euros to protect corals and reefs and another 60 million Euros for protection of marine areas in African countries.
The EU also pledged $1.5 min to build resilience to ocean acidification in the seafood sector by revolutionizing the technology to protect shellfish and other aquaculture farms.
Ocean Foundation pledged $1.5 min to build resilience to ocean acidification in the seafood sector by revolutionizing the technology to protect shellfish and other aquaculture farms.
Norway and World bank pledged $ 100 Million for better oceans management and against dumping.