Russia's fisheries to get 50 billion rubles of annual soft loans

Russian fisheries will receive 50 billion rubles of loans in the near future, according to head of the State Fisheries Committee Andrei Krainy as quoted by a DVTimes report.

The credit line will be opened per agreement with Rosselkhozbank, Krainy said.

Under the agreement, Rosselkhozbank pledges to reserve 50 billion rubles each year to credit the development of fisheries, he went on to say.

To ease the debt burden, the State Fisheries Committee intends to request 400 million rubles from the federal budget. It will be used to partially pay the interests on the loans for companies using Rosselkhozbank's services.

The funds will be used for fleet renewal, modernization of land-based factories and for boosting aquaculture industry.