Minister of Fisheries and Ocean Resources Ahmed Shiyam has revealed that the Government has issued MVR 51 million in loans to 45 fishing vessels under the Refrigerated Sea Water (RSW) loan scheme.

Minister Shiyam shared the information during a press briefing held at the President’s Office while outlining initiatives being implemented by the Ministry to strengthen the fisheries sector and increase fishermen’s income.

The loans were provided under a programme aimed at introducing Refrigerated Sea Water (RSW) systems on fishing vessels. The system allows seawater to be chilled and used to preserve fish onboard, improving the quality of the catch.

The Minister said 90 applications have been submitted under the programme so far. Of these, 45 applications have been approved and loans totalling MVR 51 million have been issued.

Minister Shiyam noted that once the RSW system is installed, fishermen will no longer need to travel to islands to obtain ice from ice plants, reducing fuel expenses and saving time.

He also said President Dr Mohamed Muizzu has announced an additional financing scheme to expand the installation of RSW systems. Once funding is fully disbursed, the system will be made available to all vessels in the existing fishing fleet that wish to install it.

The Minister also highlighted other initiatives supporting the fisheries sector, including the Mahaa Manfaa Scheme and the Kandufalhu Nafaa Scheme, which provide financial assistance to those engaged in fisheries activities.