The Ecuadorian government has approved a $23 million (€19.6 million) investment deal to build a shrimp hatchery between local shrimp breeding company Macrobio and its shareholders Hendrix Genetics, Nutreco Investments and Uruguay's Moxley Corporation, Lex Latin reported.

Macrobio already has a hatchery in Guayaquil.

The project qualifies for tax incentives offered to productive sectors.

Last year Hendrix and Nutreco bought an 80 percent stake in Macrobio, which until then was fully owned by Moxley.