The Ministry of Fisheries and Ocean Resources has revealed plans to reopen applications for loans aimed at funding the installation of Refrigerated Sea Water (RSW) systems on fishing vessels.
Launched in September 2024, the loan programme is a collaborative project between the Ministry and the SME Development Finance Corporation (SDFC). During the initial application period, the Ministry received 39 submissions, 19 of which were deemed eligible. The Ministry has since begun drafting agreements with these successful applicants, with loans set to be disbursed once the agreements are finalised.
To further facilitate the application process, the Ministry has announced a revision of the policy when reopening the loan scheme. Applications will be accepted starting January 7 via the SDFC online portal. This round of funding will include provisions for vessels under construction, allowing applicants to apply for RSW systems for new boats.
The loan facility offers amounts ranging from USD 6,486 to USD 129,729 without requiring a mortgage. It features a six-month grace period and repayment terms of up to 10 years. Additionally, the updated scheme allows vessels to install solar energy systems and purchase generators.
This initiative is part of the government’s broader efforts to facilitate access to ice and improve operational efficiency for fishermen. Many vessels in the southern region are already equipped with RSW systems, and the government’s long-term goal is to ensure all fishing vessels nationwide are similarly outfitted.
