The administration of President Dr Mohamed Muizzu has disbursed USD 1.22 million under its fisheries loan programme, ‘Kandufalhu Nafaa’, during its two years in office, according to figures released by SME Digital, the institution administering the scheme. The financing is part of a broader effort to expand access to credit for the nation’s fishing industry.
The USD 1.22 million reflects the amount distributed to fishermen in the reef fisheries sector since the current government took office. SME Digital reported that 68 parties have been approved to receive loans totalling USD 2.24 million, of which USD 1.22 million has been issued.
The Kandufalhu Nafaa programme was restructured on 21 February 2024. Before the reforms, financing was dedicated exclusively to the establishment of refrigerated seawater systems (RSW systems), which use chilled saltwater to preserve fish. The programme has since been broadened to cover a wider range of reef fishing activities. Loans for RSW systems are now provided through a separate facility, the Murabahah RSW Financing loan. Under the revised framework, reef fishing professionals may access loans of up to USD 45,418.33.
SME Digital, which administers the scheme, operates under a wider mandate to provide financing to micro, small, and medium-sized enterprises (MSMEs) across multiple sectors. The loans extended to reef fishermen form part of this portfolio.
So far this year, SME Digital has issued more than USD 7.59 million to MSMEs across industries. Its latest statistics show that 573 parties have received loans between 1 January 2024 and the present date.