There are reports that the UN backed fund to fight piracy is close to financial collapse, and the shipping industry is being called on to provide up to $20m to fight piracy onshore.
The UN’s Trust Fund to Support Initiatives of States Countering Piracy off the Coast of Somalia had a total operational budget of around $4.5m last year, according to Lloyd’s List only around $100,000 remains and an immediate injection of cash is vital.
There are reports that the UN backed fund to fight piracy is close to financial collapse, and the shipping industry is being called on to provide up to $20m to fight piracy onshore.
The UN’s Trust Fund to Support Initiatives of States Countering Piracy off the Coast of Somalia had a total operational budget of around $4.5m last year, according to Lloyd’s List only around $100,000 remains and an immediate injection of cash is vital.
The UN Office on Drugs and Crime fund manager stated that an annual revenue stream of $20m is needed to progress the funds’ work. The UAE kicked off a renewed push with a $1.4m donation.
The calls for the shipping industry to raise cash for what it sees as an international governmental problem is not likely to go down well.
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