A team from the Ministry of Fisheries has travelled to Huvadhu Atoll to provide information regarding the project to install Refrigerated Sea Water (RSW) systems on fishing vessels.
The Fisheries Ministry stated that the team will be active today in Gaafu Alif (GA) and Gaafu Dhaalu (GDh) atolls, briefing locals on the project. They are scheduled to visit Thinadhoo City, GA. Dhevvadhoo, GA. Vilingili, GA. Dhaandhoo, and GA. Gemanafushi to provide information to the respective island councils and fishermen about the RSW establishment project.
This project is conducted with the assistance of the Islamic Development Bank (IsDB) and the Lives and Livelihoods Fund (LLF). It aims to facilitate arrangements to keep the fish caught by fishermen fresh for longer periods and to resolve the difficulties in cooling fish due to ice shortages during peak fishing seasons, thereby increasing fishing profitability. The project is being carried out jointly by the Fisheries Ministry and the SME Development Finance Corporation (SDFC).
The Fisheries Ministry has now opened the opportunity for interested parties to apply for loans under this project. The application window will remain open until November 30. Applications must be submitted through the SDFC portal (https://portal.sdfc.mv). Loans are available for licensed fishing vessels of 50 feet and above, and applications can be made independently or through an SDFC-registered vendor.
Under this project, loans ranging from MVR 700,000 to MVR 2 million will be issued. The collateral-free loan comes with a ten-year repayment period and a six-month grace period. To ease the repayment burden, a 35% discount is provided on the price of items purchased through the loan. The Ministry previously stated that the loan can be utilized to cover the costs of establishing the RSW system, purchasing a generator set, and installing a solar PV system.
