Ministry Reopens Loan Applications for RSW on Fishing Vessels
Photo: MV+
The Ministry of Fisheries and Ocean Resources has reopened applications for loans to support the installation of Refrigerated Sea Water (RSW) systems on fishing vessels.
އާރް.އެސް.ޑަބްލިއު ގާއިމްކުރުމަށް ދެ މިލިއަން ރުފިޔާއާއި ހަމައަށް ފައިނޭންސިންގ ލިބޭ މުރާބަހާ ފެސިލިޓީއަށް އެދި އެސް.ޑީ.އެފް.ސީގެ ޕޯޓަލް މެދުވެރިކޮށް މިހާރު ހުށަހަޅޭނެ؛
އިތުރު މައުލޫމާތު: 7763310https://t.co/JSnXjhpi9K pic.twitter.com/dgKpKidl6S— Ministry of Fisheries and Ocean Resources (@MFORmv) January 8, 2025advertisement
This initiative seeks to enhance the preservation of catch freshness and quality, contributing to the growth of the fishing industry.
The RSW financing facility, a joint effort between the fisheries ministry and the SME Development Finance Corporation (SDFC), was first launched in September 2024. During the initial application period, the ministry received 39 loan applications, of which 19 were approved as eligible, according to ministry sources.
Ministry officials have confirmed that agreements with eligible applicants are currently being prepared, with loans to be disbursed following the completion of this process.
The reopening of applications is designed to streamline the process and widen eligibility criteria. Vessel owners with registered hulls are now able to apply. For vessels under construction, eligibility requires the hull to be registered, the engine installation process to have commenced, and the vessel to exceed 50 feet in length. Additionally, vessels must have a fish storage capacity exceeding 10 tonnes.
The updated criteria also allow loan recipients to use funds for installing solar energy systems and purchasing generators. Applications can be submitted via the SDFC’s online portal.
The government is offering loans ranging from USD 6,486 to USD 129,729, with no requirement for mortgage security. The facility includes a six-month grace period, with repayment terms extending up to 10 years.
The administration envisions that equipping all fishing vessels with RSW systems will address longstanding challenges, particularly the difficulty fishermen face in acquiring ice to preserve their catch. This financing initiative forms a critical part of broader government efforts to simplify resource acquisition for the fishing community.
