Peru is home to one of the world’s largest single stock fishery – the anchoveta – a species related to anchovy used in fishmeal for livestock and aquaculture around the world. Its harvest touches many lives. Reform of the anchoveta fisheries, supported by the World Bank starting in 2009, put a break on overfishing which was threatening the viability of a crucial resource. In the process, some fishermen like Jose Luis lost their jobs and had to strike a new path. Today, the reform has resulted in a more sustainable, resilient and profitable industry but Peru still faces challenges when it comes to regulating other types of fishing.
The International Development Association (IDA) is the part of the World Bank that helps the world’s poorest countries. Established in 1960, IDA aims to reduce poverty by providing loans (called “credits”) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.