FREDERICTON (CNB) – The provincial government will provide $11 million in loans to help with the rationalization of the East Coast lobster fleet. Agriculture, Aquaculture and Fisheries Minister Michael Olscamp made the announcement at the Maritime Fishermen's Union annual general meeting on Sunday, March 27.
"Industry has identified the need to reduce the size of the East Coast lobster fleet in order to achieve the long-term sustainability of its lobster fishery and greater economic viability for those who remain,” said Olscamp. "The provincial government recognizes the importance of the lobster fishery to our rural communities and to the provincial economy. I am pleased that we can support industry and the Maritime Fishermen’s Union in this important initiative."
The loans will make it possible for the organization to access matching federal funds available under Canada’s Atlantic Lobster Sustainability Measures program.
Through rationalization, a percentage of lobster fishermen on the East Coast will retire through a reverse auction process. This will represent a step towards conservation and improve the industry’s long-term viability.
"I am delighted at the progressive approach taken by the provincial government on the coastal fishery,” said André Martin, president of the Maritime Fishermen’s Union. “These repayable loans will strengthen the economic viability and biological sustainability of the lobster industry, which has been so neglected for some time. I know that the positive effects of our restructuring program will be felt far beyond the province’s coastal communities. The lobster fishery will have the opportunity to take a first step towards developing its full potential.”
"I congratulate the fishermen’s union for the work that has gone into the development of the sustainability and rationalization plan," said Olscamp. "In these challenging economic times, it is more important than ever that government and industry work together to find long-term solutions to ensure a healthy fishery for future generations."
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