The Commission responsible for selecting projects under Russia’s investment quotas scheme has approved 56 out of the 68 applications received. 33 new fishing vessels and 23 new fish processing plants are to be built under the investment quotas framework.
Applications were received between 6th June and 7th December last year, and the meeting was held last week to make the final selections, chaired by Federal Fisheries Agency head Ilya Shestakov.
Eleven applications were rejected as these were deemed to not meet the requirements, and one application was with drawn.
In a significant boost for the Russian fishing industry, six applications were approved for construction of fishing vessels of 100 metres and larger, plus 27 applications for smaller fishing vessels. 23 applications for shore-based processing plants were approved.
The investments going into these selected projects is expected to be in the region of 140 billion rubles (€2 billion) over the coming five years.
A second round of applications will take place from 1st March to 30th June.
