First tripartite MoA signed under Fisheries and Aquaculture Development Fund

Speed Post News Network

New Delhi : The first tripartite Memorandum of Agreement  MoA) was signed between the department of Fisheries, Government of India, NARBARD, and the Government of Tamil Nadu, for the implementation of Fisheries and Aquaculture Development Fund (FIDF).

Speaking on the occasion, Giriraj Singh, Union Minister for Fisheries, Animal Husbandry and Dairying, said that a dedicated fund has been created namely the Fisheries and Aquaculture Infrastructure Development Fund with a total of Rs 7,522.48 crore to address the infrastructure requirement for fisheries sector. He urged the coastal states to pay attention to deep sea fishing, post harvesting, cage culture and export promotion.

FIDF provides concessional finance to the eligible entities, cooperatives, individuals and entrepreneurs for development of identified fisheries infrastructure. The National Bank for Agriculture and Rural Development (NARBARD), National Cooperatives Development Corporation (NCDC), and all scheduled banks are Nodal Loaning entities (NLEs) to provide concessional finance under the (FIDF), according to a PIB release.

The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying under the FIDF provides interest subvention up to 3% per annum for providing the concessional finance by the NLEs at an interest rate not lower than 5% per annum.

The Government of Tamil Nadu has signed the first Tripartite MoA for availing the initial concessional finance of Rs 420 crore from NARBARD for development of three fishing harbours in the State : (i) Tharangampadi in Nagapattinam Ditrict (ii) Thiruvottriyur Kuppam in Tiruvallur District and (iii) Mudhunagar in Cuddalore District.

NABARD as one of the Nodal Loaning Entities (NLEs) provides concessional finance for development of fisheries infrastructure facilities through State Governments/State Entities under the FIDF after execution of the Tripartite MoA.