August 20, 2007

Russia loans US$39.2 million to build up aquaculture industry

Russia's Agriculture Ministry reported that RUR1.1 billion (US$39.2 million) in loans was given to fish farms in Russia in the first half of this year under the national agricultural development project, according to the Interfax news agency.

The fish farming sector has been included in the project for the first time this year. A total of 51 Russian regions are participating in the national project's programme for commercial fish farming.

Eight-year loans are provided for the construction, renovation and modernisation of fish farms, with five-year loans extended for the purchase of breeding fish and fish farm equipment.

Russia's Agriculture Minister, Alexei Gordeyev said fish farming is now a key sector of the Russian fishing industry.

For the full year, Russia would provide RUR80 million (USD3.11 million) in subsidies on eight-year loans and RUR40 million (USD1.55 million) in subsidies for five-year loans to commercial fish farmers.