The Ministry of Fisheries and Ocean Resources has reopened applications for loans to install refrigerated seawater (RSW) systems on fishing vessels, while also reducing credit history requirements to make the scheme more accessible to fishermen.

The financing program, launched jointly by the Ministry and the SME Development Finance Corporation (SDFC), first opened in September last year. Under the revised conditions, the required credit history has been shortened from 12 months to just 3 months.

The Ministry explained that many vessel owners are requesting support to install RSW systems, which help keep fish fresh onboard and reduce reliance on ice from shore-based ice plants. This can allow fishermen to spend more time at sea and lower operational costs.

Since reopening the program with these added concessions, 69 applications have been received, and 21 applicants have already signed loan agreements, with funds now being disbursed.

The loans, managed through SDFC, range from MVR 100,000 to MVR 2 million and require no collateral. In addition to RSW systems, the revised scheme now allows financing for solar power systems and generators for vessels. Borrowers have up to 10 years to repay, with a grace period of six months.

Applications for the financing facility, with the relaxed eligibility criteria, can now be made through the SDFC portal.