India’s Cabinet Committee on Economic Affairs, a panel chaired by prime minister Narendra Modi, on Wednesday gave its approval for the creation of a special Fisheries and Aquaculture Infrastructure Development Fund (FIDF).

The Rs 7,522 crore ($1 billion) fund will consist of Rs 5,266.40 crore to be raised by the Nodal Loaning Entities (NLEs), a Rs 1,316.6 crore contribution by the beneficiaries, and Rs 939.48 crore in budgetary support from the Indian government, finance minister Arun Jaitley told reporters during a briefing.

The FIDF is intended to help India reach an annual seafood production goal of 15m metric tons by 2020 and a sustainable growth of 8-9% thereafter to reach a 20m metric ton level by 2022-23.

Loan terms under the FIDF will be for periods of five years from 2018-19 to 2022-23. The maximum repayment term will be a period of 12 years, which includes a two-year moratorium on the repayment of principal.