The government has officially reopened applications for fishermen to finance the installation of Refrigerated Sea Water (RSW) systems on fishing vessels.
Speaking at the RSW Financing Phase II launch event held yesterday, Minister of Fisheries and Ocean Resources Ahmed Shiyam emphasized that RSW systems would drastically cut the cost of ice production, a major expense for fishermen, while also helping them reduce fuel consumption.
“Ice availability has always been a challenge for fishermen, and with evolving fishing practices, this expense has become more significant,” said Minister Shiyam. “The RSW system will not only address this issue but also ensure the fish remain fresh, which is crucial for achieving higher market prices.”
The loan program, which supports the installation of RSW systems, is being implemented in collaboration with the SME Development Finance Corporation (SDFC). According to the ministry, the primary goal is to modernize the fishing industry, enable fishermen to upgrade their vessels, and increase profitability.
Minister Shiyam also emphasized the project’s alignment with the policies of President Dr Mohammed Muizzu, adding that the loan program includes additional concessions such as waiving the requirement to repay 35% of the loan and reducing monthly payments.
The program will offer financing between MVR 100,000 to MVR 2 million, according to SDFC, with a six-month grace period and a repayment window of up to 10 years.
