The funding was made possible through the provincial governance strengthening program (PGSP).
The new fisheries centre will be stationed at Ngagho seaside, West Bellona.
The actual construction started off last month and will continue this month. Already the foundation work had been completed.
Most of the materials for the complex have been transported over to the island onboard M.V Hamakio Maru to Bellona.
Renbel deputy premier and who is also the ward member for West Bellona Kosol Tepuke told the Solomon Star in Bellona recently that its one of the immediate needs of the people especially the fishermen to have such a centre.
He said most people in West Bellona are fishermen and the need to have a fisheries centre is very important.
The centre will allow fishermen to sell and store their marine products as well as fish catch.
He said in the past the fishermen found it very hard to store their marine products.
"And this centre will assist a lot and ease their burden once the centre is completed," he said.
It would provide them an opportunity to earn an income, the provincial member added.
This is also part of a development for the island and the province.
Meanwhile Mr Tepuke thanked Government for the funding.