The Ministry of Fisheries and Ocean Resources, in collaboration with the SME Development Finance Corporation (SDFC), has announced that MVR 53 million has been issued in loans to facilitate the installation of Refrigerated Sea Water (RSW) systems on fishing vessels. Under this initiative, 51 applications have been approved out of the 99 submissions received to date. These loans are specifically designed to reduce the high costs associated with sourcing ice and to ensure that fishermen can maintain the freshness and quality of their catch for extended periods while at sea.
To make the financing more accessible, the current administration has implemented measures to ease the loan requirements. This includes reducing the mandatory credit history evaluation period from one year to just three months, thereby streamlining the process for vessel owners.
These collateral-free loans, which range from MVR 100,000 to MVR 2 million, have also been expanded to cover the procurement of solar energy systems and generators. The financing package offers a total repayment period of 10 years, inclusive of a six-month grace period.
