HK fishing industry to get 250 million HK dollars in loans

Hong Kong Special Administrative Region (HKSAR) government plans to provide up to 250 million HK dollars (32.05 million U.S. dollars) in loans to the fishing industry in addition to existing loans to fishermen, HK Health, Welfare & Food Bureau said on Saturday.

According to a government press release, the loans are to help them through the annual fishing moratorium and to pursue alternative modes of operation, including the development of aquaculture businesses.

Among the 250 million HK dollars, 190 million HK dollars (24.36 million U.S. dollars) will be used to provide loans to assist fishermen and fish farmers to pursue sustainable fisheries or related operations, such as offshore fishing and developing aquaculture businesses.

Another 60 million HK dollars (7.69 million U.S. dollars) will be used to offer low-interest loans to fishermen affected by the moratorium in the South China Sea.

The government will consult the Legislative Council Panel on Food Safety and Environmental Hygiene later this month and seek funding endorsement from the Finance Committee in June.

Source: Xinhua