A £75 million investment in the Irish fishing fleet was approved by the Minister of the Marine Mr Fahy today.
The Fleet Development Measure, to be implemented by Bord Iascaigh Mhara (BIM), will attract £55 million in private investment complemented by Government and EU funding of £20 million.
The funds are to be used to upgrade up to 750 vessels in the whitefish fleet.
BIM chairman Mr Pat Ridge said: "The measure represents another chapter in the on-going development of the Irish seafood sector. It builds on the success of the earlier Whitefish Renewal Scheme and provides realistic opportunities for enterprising skippers and crewmen alike."
He added today's announcement would allow processing and fish-packing services to be developed.
Young fishermen can receive help in acquiring their first vessel under today's scheme which will provide up to 40 per cent of the cost of new ships or up to 15 per cent of second-hand vessels.
Today's move follows the £30 million investment initiative package called Towards Innovation and Sustainability in the Fisheries Sector started at the end of April this year.