The Moroccan fisheries department has established a special Guarantee Fund to modernise and develop the local fishing sector and establish a network of fish markets, Al Hayat reports. The new fund, established with US$100 million in capital, will begin operating at the beginning of next year. The goal of the initiative is to lessen the local fishing sector's dependence on foreign aid, particularly after failing to renew the agreement with the EU. Morocco used to earn up to $125 million in returns from this agreement. The fisheries department is planning to attract $350 400 million in investments to renew nearly 200 fish processing facilities and 15 000 fishing boats.