Fishermen are set to benefit from €1.5 million in EU aid this year, as part of the €11 million in EU funds granted for fishing to be utilised by 2013.
Fishermen who want to modernise their vessels, or equip them with health and safety equipment, will only have to cover 60 per cent of the cost.
Retiring fishermen can ask for financial aid to scrap their boat, which will be wholly covered through EU funds and government aid.
Resources Minister George Pullicino said yesterday the schemes were the result of consultation with Malta's two fisheries cooperatives - the Fisheries Cooperative and the National Fisheries Cooperative.
Fishermen may obtain applications for the schemes from the two cooperatives from tomorrow.
Meanwhile, the National Fisheries Cooperative announced it was cancelling the protest planned for March 24 to 27 because of progress in discussions with the government which led to difficulties being resolved.