The Brazilian government plans to invest $2bn by 2014 to double the fish production to about 2 million tons per year.
This program is a part of the government's plan to boost the competitiveness of the fishing industry and the income of fishing families living in extreme poverty. The program offers improved access to credit, technical assistance and investment in promoting the creation of fishing cooperatives.
In accordance with the plan, the Food Acquisition Programme (PAA) plans to purchase up to 20,000 tons of fish a annually for producers, reported Reuters.
Brazil president Dilma Rousseff said that the government is seeking to encourage the creation of cooperatives and their transformation into small industries.
These entities can borrow up to BRL30m ($15m), which could be paid with an annual interest rate of 2% over a period of ten years, Rousseff added.
The amount will enable the associations to purchase equipment and cages, update boats, improve marketing and avoid waste. The government also plans to invest BRL135m ($65m) in technical courses to train and qualify fishermen.
