VENEZUELA: subsidies from government controlled banks

Insopesca or "Instituto Socialista de la Pesca y Acuiculture" (the Socialist Institute of Fishing and Aquiculture) announced in January 2009 that, during 2008, it got the support of public banking to grant financing for the fishing industry for the order of the Bolivar 900 million (USD 128 million).

These resources were intended for purchase of boats, engines, fishing gear, aquaculture and transport of fish.

According to Insopesca, these measures where taken in the context of the prohibition of the trawl fishing (for the protection of the ecosystem) and the "rescue" of the artisanal fishing sector, more in particular of "Programa Integral de Desarrollo Anual" or Pida (Integral Annual Development Programme).

The implementation of this programme resulted in the approval of credits by public banking for the delivery of more than 1.200 motors, 604 boats, 97 transport units, 1.230 units of fishing gear and the allocation of 284 hectares for the aquaculture.

The resources were distributed in their majority in methods of group credits and some few of an individual type.

The official press release (in Spanish) can be found here:


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