Cash Calls

The UN’s Trust Fund to Support Initiatives of States Countering Piracy off the Coast of Somalia is close to financial collapse, and the shipping industry is being called on to provide up to $20m to fight piracy onshore.

The fund had a total operational budget of around $4.5m last year, but according to Lloyd’s List only around $100,000 remains and an immediate injection of cash is vital.

In light of the UN Fund’s financial plight, the UAE has pledged to contribute $1.4 million to aid the projects linked to the struggle against maritime piracy .

UAE’s Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan announced the significant contribution as an example of the sort of public-private partnership many see as being vital to defeating piracy.

However much more is needed, and it is feared that efforts to push forward on new anti-piracy developments may flounder without investment.