The Ministry of Fisheries and Ocean Resources has announced the reopening of applications for loans aimed at installing refrigerated seawater (RSW) cooling systems, with revised terms and new incentives for fishermen and boat owners.

The initial loan scheme, introduced in collaboration with the SME Development Finance Corporation (SDFC) in September of last year, received 39 applications, of which 19 were deemed eligible. The ministry is currently finalising agreements with these eligible applicants and will begin disbursing funds once the agreements are signed.

In a significant update, the ministry revealed that the loan scheme will now offer more flexibility. Applications for the financing facility will reopen on Tuesday via the SDFC portal. For the first time, loans will also be available for RSW system installations on newly constructed boats.

The loans, ranging from MVR 100,000 to MVR 2,000,000, will be offered without the requirement of a mortgage. Borrowers will have up to 10 years to repay the loan, including a six-month grace period. Additionally, the scheme now allows for the purchase of solar systems and energy-efficient generators, broadening its scope to support sustainable fishing practices.

According to the Government, this initiative aims to alleviate the burden on fishermen who currently face challenges in sourcing ice. The RSW cooling systems have already been installed on several fishing vessels in the southern regions, and the Government’s long-term goal is to equip all fishing boats with this technology.