Murmansk government to part compensate interest rates of aquaculture loans

In 2007 Murmansk fish farms will receive RUR4 million as financial support from the local budget, the funds aimed at part compensation of the bank interest rates for loans taken for building, reconstruction and modernization of fish farming facilities as well as for purchase of brood stock, machines and equipment.

Along with main participants of the local aqua and mariculture sector OOO Gigante Pechenga (ltd) and Arcticservis there are newcomers such as OOO Severnyi Forpost (ltd), Barentsevaya Lizingovaya Kompania and Nord-Strim. In 2008 the output of market-size farmed fish is expected to grow by 12% to more than 500 metric tons mostly consisting of North Atlantic salmon.

Background

In 2007 the government of the Russian Federation has included aquaculture into the national project "Development of the Agroindustrial Complex" and the sector will be getting regional and federal government support mostly in the form of compensations of interest rates of investment loans.

Government of Murmansk province has recently approved changes and amendments to the regional target program called "Development of inshore fishery, aquaculture and inland fishery in Murmansk" valid for a period of 2004-2008. The approved changes and amendments are mostly connected with fish farming operations with the main focus made on financial support of commodity fish farming which is an important and urgent condition for aquaculture development in Murmansk.