A tripartite Memorandum of Agreement was signed between the Department of Fisheries Government of India, NARBARD and Government of Tamil Nadu for implementing the Fisheries and Aquaculture Development Fund. It is considered to be the first such agreement with respect to FIDF.
On the occasion, Union Minister for Fisheries Giriraj Singh said that Fisheries and Aquaculture Infrastructure Development Fund has been established with a total of Rs. 7522.48 crore, which could be used for addressing the infrastructure requirement for fisheries sector.
He also asked the coastal states to pay more attention to deep sea fishing, cage culture, post harvesting and export. He pointed out that Fisheries and Aquaculture Development Fund would provide financial assistance to eligible entities, individuals, entrepreneurs and cooperatives.
Under the Fisheries and Aquaculture Development Fund, the National Bank for Agriculture and Rural Development, National Cooperatives Development Corporation (NCDC) and all other scheduled banks are Nodal Loaning Entities. Under the agreement, the Department of Fisheries would provide interest subvention up to three per cent per annum for providing concessional finance by NLEs.
Tamil Nadu signed the first MoA for availing the initial concessional finance of Rs 420 crore from NARBARD. The assistance would be used for developing three fishing harbours in the State. Tharangampadi in Nagapattinam District, Thiruvottriyur Kuppam in Tiruvallur District and Mudhunagar in Cuddalore District are the three harbours that would be developed under this.