The Ministry of Fisheries and Ocean Resources has received 85 applications under the Refrigerated Sea Water (RSW) loan programme, launched in partnership with the SME Development Finance Corporation, recently rebranded as SME Digital.
In a statement, the ministry said 33 loans had been approved so far, totalling MVR 34 million, with MVR 23.7 million already disbursed.
First introduced in September last year, the RSW scheme is designed to help fishermen install on-board refrigeration systems and reduce dependence on ice plants. The ministry said the initiative aims to improve catch quality and allow vessels to spend longer periods at sea.
The loan window has been reopened with revised terms to make financing more accessible. The credit-history requirement for applicants has been cut from one year to three months, easing eligibility for fishermen and vessel owners.
Under the updated terms, loans range from MVR 100,000 to MVR 2 million and require no collateral. Borrowers have up to ten years to repay, including a six-month grace period. Funding has also been extended to cover solar power systems and generators for fishing vessels.
The ministry said the programme remains a key step in modernising the fisheries sector and improving the livelihoods of Maldivian fishermen through sustainable and energy-efficient operations.
