Efforts to modernise the Maldives’ fisheries sector have gained traction as millions of dollars in financing are channelled towards upgrading vessel capabilities, particularly through the adoption of onboard cooling technology.
The Ministry of Fisheries, Agriculture and Ocean Resources, working in partnership with SME Digital, has disbursed approximately USD 3.44 million in loans to support the installation of refrigerated seawater (RSW) systems on fishing vessels. The initiative is aimed at improving how fish are stored at sea, reducing reliance on shore-based ice supplies, and enabling longer fishing trips.
Originally launched last September, the programme has now been reopened with revised terms designed to attract broader participation. So far, 99 vessel owners have applied for the loans, with 51 approvals granted.
The financing scheme addresses long-standing operational challenges in the sector, particularly the difficulty of sourcing ice from atoll-based facilities. By equipping vessels with onboard cooling systems, fishermen are better positioned to preserve catch quality, which can influence both pricing and export potential.
Eligibility criteria have been eased to improve access. The required credit history has been reduced from one year to three months, lowering the barrier for smaller or newer operators. The scope of the loans has also been expanded beyond RSW systems to include supporting equipment such as solar power systems and generators, reflecting the broader energy and operational needs of fishing vessels.
Loan amounts range from approximately USD 6,490 to USD 129,800 and are offered without collateral. Borrowers are given a repayment period of up to 10 years, including a six-month grace period.
The revised structure suggests a policy shift towards increasing uptake of modern fishing technology while easing financing constraints, as the government continues efforts to strengthen productivity and resilience within the fisheries sector.
