The General Assembly decided also that the Fund was to be administered by the Food and Agriculture Organization of the United Nations (FAO), as the implementing office for the Fund, in collaboration with the United Nations, in accordance with the terms of reference and appropriate arrangements made between them.

In August 2004, the United Nations (Division for Ocean Affairs and the Law of the Sea) and the FAO (Fisheries Department) concluded the necessary arrangements for the administration of the Fund, following the setting up of a trust fund account by FAO, in accordance with paragraph 7 of the Terms of Reference of the Fund.

The purpose of this Fund is to provide financial assistance to developing States Parties to the Agreement in order to assist them in the implementation of the Agreement in accordance with its Part VII.

In particular, paragraph 14 of the Terms of Reference of the Fund provides that financial assistance from the Fund may be sought for the following purposes:

  a) Facilitating the participation of representatives from developing States Parties, in particular the least-developed among them and small island developing States Parties to the Agreement, in the meetings and activities of relevant regional and sub-regional fisheries management organizations and arrangements.

 b) Assisting with travel costs, and if appropriate daily subsistence allowances, associated with the participation of developing States Parties, in particular the least-developed among them and small island developing States Parties to the Agreement, in relevant meetings concerning high seas fisheries of relevant global organizations, such as the United Nations Development Programme, the Food and Agriculture Organization and other specialised agencies, the Global Environment Facility, the Commission on Sustainable Development and other appropriate international and regional organisations and bodies.

 c) Supporting ongoing and future negotiations to establish new regional or subregional fisheries management organizations and arrangements in areas where such bodies are not currently in place, to renegotiate founding agreements for such organizations and arrangements and to strengthen existing subregional and regional fisheries management organizations and arrangements in accordance with the Agreement.

 d) Building capacity for activities in key areas such as effective exercise of flag State responsibilities, monitoring, control and surveillance, data collection and scientific research relevant to straddling and highly migratory fish stocks on a national and/or regional level.

 e) Facilitating exchange of information and experience on the implementation of the Agreement.

 f) Assisting developing States Parties to the Agreement, in particular the least-developed among them and small island developing States, with human resources development, technical training, and technical assistance in relation to conservation and management of straddling and highly migratory fish stocks and development of fisheries for such stocks, consistent with the duty to ensure the proper conservation and management of such stocks.

 g) Assisting in meeting the costs involved in proceedings for the settlement of disputes between States Parties to the Agreement concerning the interpretation or application of the Agreement in accordance with Part VIII of the Agreement or proceedings concerning the interpretation or application of a subregional, regional or global fishery agreement relating to straddling fish stocks or highly migratory fish stocks to which they are parties, including any dispute concerning the conservation and management of such stocks and complementary to any assistance provided under the ITLOS Trust Fund established by General Assembly resolution 55/7 or the Trust Fund for the International Court of Justice established by General Assembly resolution 47/444 or the financial assistance fund established by the Permanent Court of Arbitration.