Russian Federal Fisheries Agency to subsidize interest rates for fish market construction

March 18, 2010 16:21

The Russian Government has approved the rules for subsidizing interest rates of bank loans for construction of specialized fish markets, reports ( with reference to the nation's Federal Fisheries Agency.

More specifically, according to the respective government's order No.1217, the Federal Fisheries Agency will quarterly subsidize 2/3 of interest rates to companies and entrepreneurs realizing such projects. For these purposes RUB187.37 million will be funded this year.

Thanks to such government support, fish products are expected to become cheaper. Emergence of specialized fish markets will help reduce the number of intermediaries between producers and fish buyers and encourage reduction of final prices at least by 30-40%. Such fish markets will be fitted with modern equipment to sell fresh, chilled fish products of high quality which are presently provided only via large retail chains.

According to the Agency's estimates, up to 40-60 fish markets are expected to be built in coming 3 years, the first one in central Russia and in 2011, 2012 in Russia's coastal regions of as well. Some regions have already made steps in this direction. For example, Murmansk authorities have estimated future costs (RUR 400 million) and decided to focus mainly on selling live and chilled fish, while in St. Petersburg the investments are estimated to reach RUR1 billion as it is planned both farm and sell fish products.

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