Cyprus to receive €3.4 million from fisheries fund

Modernization of aquaculture a priority

July 14, 2004

The European Commission has given the green light to Cyprus’ operational program for fisheries for the period 1 May 2004 to 31 December 2006.
Cyprus will receive € 3.4 million from the EU Financial Instrument for Fisheries Guidance (FIFG). Almost half the aid (48%) will help finance a reduction in fleet capacity; most of the other half (44%) will support investment in the modernization of aquaculture, processing and marketing of fisheries products and fishing port facilities.
In aquaculture, priority will be given to enhancing environmental conditions and promote the quality and hygiene of aquaculture products. Landing facilities will be improved and special attention will be given to increasing the productivity and competitiveness of the processing and marketing sectors. While fisheries only represent 0.3% of Cyprus GDP, the fisheries and aquaculture industry, which provides around 1,350 jobs, plays a significant socio-economic role in a number of coastal areas.