The government's loan programme aimed at equipping fishing vessels with Refrigerated Sea Water (RSW) systems has drawn a strong response from stakeholders, the Ministry of Fisheries and Ocean Resources said. Since easing eligibility requirements for the targeted facility, carried out in collaboration with the SME Development Finance Corporation (SDFC), the ministry has received 69 applications to date. Of those, financing agreements have been formalised and disbursements initiated for 21 recipients.
First introduced in September last year, the facility was recently relaunched under more flexible terms intended to accelerate the adoption of RSW technology. One key revision shortens the minimum credit history requirement from twelve months to three, expanding access for prospective applicants. Vessel owners may now also apply for systems to be installed on boats that are still under construction.
The ministry said these changes aim to address ongoing concerns about the availability and cost of ice across the country. With onboard chilling systems, fishermen can maintain the freshness of their catch over longer voyages, an improvement expected to enhance operational efficiency and stimulate growth within the fisheries sector.
Loans issued through the SDFC-backed programme range from USD 6,486.68 to USD 129,733.57 and are offered without the need for collateral. The facility also supports financing for solar panels and generators, allowing vessels to generate power sustainably while at sea. Repayment terms comprise a six-month grace period followed by a ten-year tenure.
Ministry officials noted increasing interest in onboard preservation technologies, describing the demand as indicative of their economic value to the industry. The ministry said the relaxed conditions form part of a broader strategy designed to help fishermen realise the full financial potential of their catch.