The Ministry of Fisheries and Ocean Resources has revealed that 85 applications have been received under the Refrigerated Sea Water (RSW) loan programme, launched in partnership with SME Development Finance Corporation (SDFC), recently rebranded as SME Digital.

According to the Ministry, 33 loans have been approved so far, amounting to a total of MVR 34 million, of which MVR 23.7 million has already been disbursed.

The RSW loan programme was first introduced in September last year to assist fishermen in installing on-board refrigeration systems, reducing dependence on ice plants across the country. The initiative aims to help fishermen preserve catch quality for longer periods and increase time spent at sea.

The Ministry has since reopened the loan application window with additional concessions to make financing more accessible. Among the key changes, the credit history requirement for applicants has been reduced from one year to three months, easing eligibility for fishermen and vessel owners.

Under the revised scheme, loans range from MVR 100,000 to MVR 2 million and do not require collateral. Borrowers are offered a repayment period of up to 10 years, including a six-month grace period. In addition to RSW systems, financing is now available for solar power systems and generators for fishing vessels.