Banks to provide 150 billion rubles for Russia's fishery industry development

Russia's Federal Fisheries Agency is planning to attract bank credits totally worth 150 billion rubles in order to develop the nation's fishery industry, reports www.fishnet-russia.com (www.fishnet.ru) with reference to Interfax.

The agency's head Andrei Krainy says that the sector has got promising potential for the development. In the near future the agency will arrange for three bank credits of 50 billion RUB each. These three credit lines will be provided by three major banks: Rosselkhozbank, Vnesheconombank, and Gazprombank.

The government body is also considering the possibility of subsidising 8 percent of the interest rate on credits to fish companies.

Krainy also says that 450 million rubles would be provided in 2009 for the modernization of the Kaliningrad fishing seaport and 580 million rubles for the construction of a new pier at the port of Pionersky on the Baltic Sea.