The government has authorised USD 2.2 million in concessional loans to 33 fishing vessel operators for the installation of refrigerated saltwater (RSW) cooling systems, part of a national effort to modernise the fishing fleet and address persistent logistical inefficiencies.
Jointly administered by the Ministry of Fisheries and Ocean Resources and SME Digital, formerly the SME Development Finance Corporation, the RSW Programme is designed to alleviate structural constraints in the fisheries sector, including limited ice availability and the high costs of preserving catch quality during extended voyages.
The ministry reported that 85 applications were submitted during the most recent cycle. Following a formal review, 33 applicants were approved for financing. Of the total loan commitment, approximately USD 1.54 million has already been disbursed.
Introduced in September 2024 under the administration of President Dr Mohamed Muizzu, the programme was subsequently reopened with expanded concessions intended to broaden eligibility and ensure that vessel operators realise the full economic benefits of participation.
The initiative is structured around four core objectives: reducing reliance on ice plants across the atolls, lowering operational expenditure, preserving catch freshness through onboard cooling, and enabling vessels to remain at sea for longer durations, thereby increasing productivity and supporting sectoral growth.
To support wider uptake, the government revised several eligibility criteria, including a reduction in the required credit history evaluation period from one year to three months.
Loans are administered through SME Digital and range from USD 6,487.52 to USD 129,750.26. The financing is extended without collateral requirements. In addition to RSW systems, the revised programme permits the acquisition of solar energy systems and generators for vessel use. Borrowers are accorded a 10-year repayment period, inclusive of a six-month grace term.