The government has offered more concessions on loans to finance the installation of Refrigerated Sea Water (RSW) systems on fishing vessels.
This initiative aims to ensure the preservation of catch freshness and quality, thereby bolstering the fishing industry. The RSW financing facility is a collaborative effort between the Ministry of Fisheries and Ocean Resources and the SME Development Finance Corporation (SDFC).
The Ministry in an announcement on Sunday, said the eligibility criteria for the financing facility has been further relaxed to encourage more applications.
According to the Ministry, the credit history criteria of applicants has been reduced to three months from the previous 12 months. Applicants with regular repayments of existing loans will also be eligible for this facility, it said.
The Ministry has re-opened applications under the relaxed eligibility criteria. Applications for the financing facility can be made through the SDFC online portal.
The government is offering loans ranging from USD 6,486 to USD 129,729 without requiring a mortgage. The RSW financing facility features a grace period of six months, with repayment terms extending up to 10 years.
The government envisions that the installation of RSW facilities on all fishing vessels will effectively address the challenges fishermen face in acquiring ice to maintain the freshness of their catch. This financing facility is a key component of the administration's broader initiative to streamline and simplify the process for fishermen to secure the necessary resources.