Great News! Now Get Loan for Fisheries Projects under Fisheries & Aquaculture Infrastructure Development Fund

Fisheries sector play a significant role in the national economy by contributing around 1% of the National GDP, 5.23% of agricultural GDP and exports earning of about INR 45,107 crore. 

Fisheries and Aquaculture Infrastructure Development Fund (FIDF) entails an estimated fund size of INR 7,522 crore, comprising of INR 5,266.40 crore from Nodal Loaning Entities (NLEs) like National Bank for Agriculture and Rural development (NABARD), National Cooperatives Development Corporation (NCDC), all Scheduled banks; INR 1,316.60 crore as beneficiaries contribution; and INR 939.48 crore as budgetary support from Government of India (GOI). 

FIDF will help in– 

1. Improving the infrastructure facilities in marine and inland fisheries sectors 
2. Achieving sustainable growth of 8-9% and target of 20 MMT fish production by 2022-23 
3. Generating employment for over 9.40 lakh fishers  
4. Attracting private investment in fisheries sector 
5. Adoption of new and innovative technologies by fishers 

Under FIDF, a person can avail loan over a period of five years (2018-2023), with maximum repayment period upto 12 years inclusive of moratorium of two years on repayment of principle. 

Eligible entities (EEs) for loan under FIDF – 

1. State Governments/Union Territories 
2. State Owned Corporations/State Govt. Undertakings/Govt. Sponsored/Supported Organizations 
3. Fisheries Cooperative Federations  
4. Cooperatives, collective groups of fish farmers & fish produce groups etc  
5. Panchayat Raj Institutions/Self Help Groups (SHGs)/NGOs  
6. SCs/STs/Marginal Farmers, Women & entrepreneurs, Self Help Groups and cooperatives of these etc  
7. Private companies/entrepreneurs  
8. Physically disabled  
9. Any other institution/entity to be decided by the Government 

Nodal Implementing Agency: National fisheries Development Board, Hyderabad 

The EEs are required to acquire necessary land and water bodies at their own cost and complete all processes associated with land acquisition, before submission of the proposal for concessional finance under the FIFD. 

Details of rate of Interest under FIDF – 

Loan details – 

1. The project under the FIDF shall be eligible for loan up to 80% of the estimated/actual project cost  
2. Beneficiaries are required to contribute at least 20% of the project cost as margin money.  
3. Contribution of margin money in case of States/UTs, State Entities implemented projects shall not be mandatory. However, the concerned States/UTs, State entities, may decide contribution and size of the margin money preferably on lines of RIDF, depending upon availability of budget in their respective states/UTs.  

Cost escalation during the course of project implementation, on account of genuine reasons like natural calamity, technical compulsions and any other unavoidable circumstances shall be considered for enhancement of loan amount, within in the reasonable time and not more than two years from the date of approval of the particular project