Peterhead Port Authority plan to turn an unused embankment, adjacent to the existing quay into a new harbour facility, significantly increasing the port's capacity and benefiting both the Scottish fleet and processing sector for the long-term.
A total investment of £5.25m from the Scottish Government and the European Fisheries Fund (EFF) grant will go towards the £19m fisheries project.
The project will boost the area's economic recovery by safeguarding 50 jobs and creating around 100 more.
Fisheries Secretary Richard Lochhead said: "This hugely ambitious infrastructure project is exactly what the North East and Scotland needs at this time and it will help secure a bright future for one of our key industries for many decades to come.
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"Once complete, the improved harbour will increase berthing facilities at the harbour and ensure it can cope with the largest, most modern pelagic vessels."
The development will safeguard around 50 jobs for the town, its knock-on effects could create 113 new jobs.
"Today's announcement will be welcome news to Peterhead and Scotland's fisheries sector, and is a vote of confidence for our fishermen and the North East as a whole. I hope to be able to announce a number of other successful applicants for EFF funding very soon."
John Wallace, Chief Executive of Peterhead Port Authority (PPA) thanked the local stakeholders who have helped shape the Smith Embankment Development: "On behalf of the PPA Board, I thank the Scottish Government for their support and for recognising the criticality of their input, particularly in these tough economic circumstances.
"In a short period of time, Peterhead and the Scottish Pelagic Industry will have a fitting home which they can be justifiably proud which will enable them to build on their worldwide expertise and reputation for excellence."
This proposal is part of a wider development of the Smith Embankment with total estimated costs of £29.23m.
(GK/JM)
