Primorsky region to support fish companies with $22.5m | Volga, Farming, agriculture MarchmontNews.com

Far East | Farming, agriculture | Industry, manufacturing

Primorsky region to support fish companies with $22.5m

5 Oct '10
Authorities in Primorsky region have approved a $22.5m program to support fish processing companies, regional officials report.

The program, scheduled to run in 2011-2013, is reportedly to be financed from the regional budget, with $6.2m to be allocated in 2011, $7.3m in 2012, and $9m in 2013.

Under plans, the funds are to be used to give subsidies to fish processing firms to redeem part of interest rate on bank loans and to compensate part of expenses on production of goods from water bioresources.

As a result of the finance, production of fish products in the region is expected to grow by 2.6 times by 2013 to 136,900 tons.