Gov’t Opens Applications for Third Phase of Fishing Vessel Scheme
Government opened applications for the third phase of the fishing vessel scheme | Photo: MV+
Ministry of Fisheries and Ocean Resources, the Lives and Livelihoods Fund (LLF), and the Islamic Development Bank (IsDB), in collaboration with SME Digital, have opened applications for the third phase of this scheme targeting 200 fishing vessels.
This financing scheme, designed in accordance with Islamic Shariah principles, aims to sustainably advance the fisheries industry by providing easy and accessible financing for Refrigerated Seawater (RSW) Systems, Solar Panels, and Generator Sets.
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Structured as project financing, including Installment Sale Financing from the Islamic Development Bank (IsDB) and grants from the Lives and Livelihoods Fund (LLF). A total fund allocation of USD 9.69 million, including USD 3.392 million in grant support from LLF, provides applicants with a grant covering 35% of the cost of the RSW System upon installation, making it an attractive option for existing fishing vessels seeking to modernize their operations.
Financing Information
- Financing up to MVR 2,000,000
- Grace period of up to 6 months
- Facility repayment period of up to 10 years
- Profit calculated at an annual rate of 6%
- No collateral requirement
- No equity requirement
Applications for the third phase of this scheme are now open through ‘SME Portal’ via www.smedigital.mv.
