Brankin announces fishing boost

Most of the cash will come from the European Union

Scotland's Fisheries Minister Rhona Brankin has announced more than £5m of funding to help the fishing industry while on a visit to the port of Peterhead on Tuesday.

Most of the money will come from the European Union - but it will be topped up with almost £1m of Scottish Executive cash.

Ms Brankin has been visiting a number of fishing industry companies in the north-east on Tuesday.

There are among about 50 Scottish companies and organisations who are going to receive the first round of awards of the European Union financial aid.

Rhona Brankin: Financial aid

This first round totals £5.5m and it is hoped the programme will attract associated investment worth £48m and create up to 850 full time and 220 part time jobs across the industry.

The bulk of the cash is coming from a new programme announced last year by the EU.

But £800,000 is coming from the Scottish Executive.

The programme will run until the end of December 2006, and money awarded will be used to give a financial boost in areas like fish processing, marketing and port facilities.

During a tour of Lunar Freezing and Cold Storage Ltd in Peterhead, Ms Brankin said the executive was committed to developing Scotland's fishing industry.

Executive commitment

She said: "I am very pleased to announce these awards. They provide much needed support to the Scottish fishing industry, which is an important sector of the Scottish economy.

"Most of the aid is for projects located in remote communities whose economies rely heavily on the aquaculture and fishing industries. Employment is a vital consideration in such communities and was an important factor in the assessment of applications received.

"The Scottish Executive remains committed to the development of a viable and sustainable fishing industry in Scotland.

"Our determination to encourage sustainability, not only in relation to sea fisheries but also in the fish farming industry, and improve product quality is amply illustrated by these awards."