According to data provided by CGPCS around 8,000 people have been affected by piracy over the last few years, of which around 5,000 were taken hostage and the rest were affected by it in some way.
According to a member of CGPCS, who wished not to be named, most families who are affected by piracy suffer from poverty as their breadwinners are in captivity and the shipping companies don't look after them.
We are trying to address this issue through this fund," said a member of CGPCS.
The CGPCS brings together Australia, Belgium, Britain, China, Denmark, Djibouti, Egypt, France, Germany, Greece, India, Italy, Japan, Kenya, South Korea, The Netherlands, Norway, Oman, Portugal, Russia, Saudi Arabia, Somalia, Spain, Sweden, Turkey, United Arab Emirates, the United States, Yemen, the African Union, the European Union, the International Maritime Organization, NATO and the Arab League.
About 130 delegates several countries and organizations attended Thursday's CGPCS meeting.
47) Additionally, Working Group Two of the CGPCS has spearheaded efforts to establish transfer agreements, allowing arresting authorities to transfer suspects for trial and prosecuting nations to transfer convicted pirates back to Somalia for incarceration.
The shipping industry has coordinated its initiatives with other stakeholders in Working Group Three of the CGPCS.