The Ministry of Fisheries, Agriculture and Ocean Resources, in partnership with SME Digital, has significantly advanced its initiative to modernise the nation's fishing industry, having disbursed around USD 3.44 million in loans to boat owners for the installation of modern saltwater fish cooling (RSW) systems.
The programme, initially launched last September, has been reopened with enhanced concessions to encourage wider participation and address critical challenges faced by local fishermen.
To date, 99 vessel owners have applied for the specialised loans, with 51 already approved. The primary objectives of the financial scheme are to reduce operational costs associated with procuring ice—a commodity often in short supply at dispersed atoll ice plants—and to empower fishermen to preserve their catch at sea more effectively, thereby extending their fishing trips and improving the quality and value of their yield.
In a move to broaden accessibility, the Ministry has announced a major relaxation of the application criteria. The mandatory credit history requirement has been drastically reduced from one year to just three months.
Additionally, the loan offer has been expanded beyond financing the RSW systems, to cover the purchase of essential ancillary equipment like solar systems and generators.
These unsecured loans, which range from around USD 6,490 to USD 129,800 come with a generous 10-year repayment term, including a six-month grace period to ease the financial burden on recipients.