The government has so far disbursed MVR 51 million in loans to facilitate the installation of Refrigerated Sea Water (RSW) systems on fishing vessels. According to the Ministry of Fisheries and Ocean Resources, out of the 90 applicants who sought financial assistance under this project, 45 have been approved. The primary objective of this loan scheme is to alleviate the financial burden on fishermen by reducing expenditures on ice and ensuring the long-term freshness of the catch. Furthermore, eliminating the need to travel for ice is expected to significantly reduce fuel costs.
Facilitated through the SME Development Finance Corporation (SDFC), these collateral-free loans range from MVR 100,000 to MVR 2 million. To streamline the process, the credit history evaluation period for applicants has been reduced from one year to just three months. In addition to RSW systems, the scheme also covers the procurement of solar power systems and generators. The financing package includes a 6-month grace period and a total repayment duration of 10 years.
