The project to establish Refrigerated Sea Water (RSW) systems on fishing vessels has been reviewed and reopened for loan applications.
Launched last year by the Fisheries Ministry, this project is being carried out jointly by the Fisheries Ministry and the SME Development Finance Corporation (SDFC). According to the Fisheries Ministry, the loan scheme was reopened with significant consideration for the needs of fishermen, incorporating many aspects for which the loan can be utilized.
Furthermore, the Ministry stated that special priority has been given to resolving the difficulties faced by fishermen by providing leniency in loan repayment. In this regard, the biggest relief introduced is a 35% discount on the cost of items purchased under the loan issued through the project. Under this loan, expenses can also be covered for establishing the RSW system, purchasing a generator set, and installing a solar PV system.
The Fisheries Ministry stated that under this project, loans ranging from 700,000 to two million Rufiyaa will be issued. The collateral-free loan comes with a ten-year repayment period and a six-month grace period.
The opportunity to apply for the loan was opened yesterday and will remain available until the end of November. Applications for the loan must be submitted through the SDFC portal (https://portal.sdfc.mv).
The Fisheries Ministry noted that the facility can be applied for independently or through a vendor registered with SDFC, and it is available for vessels of 50 feet and above that operate with a valid fishing license.
This project is being carried out with the assistance of the Islamic Development Bank and the Lives and Livelihoods Fund, aimed at facilitating arrangements to keep the fish caught by fishermen fresh for longer periods, finding a solution to the difficulties in chilling fish due to the unavailability of ice during good fishing seasons, and increasing the profitability of the fisheries sector.
