New Loan Concessions Announced for Fishing Vessel RSW Installations

The government has introduced further concessions on loans to support the installation of Refrigerated Sea Water (RSW) systems on fishing vessels. 

This initiative is designed to help preserve the freshness and quality of the catch, thereby strengthening the fishing industry.

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The RSW financing facility is a joint effort between the Ministry of Fisheries and Ocean Resources and the SME Development Finance Corporation (SDFC). The Ministry announced on Sunday that the eligibility criteria for the facility have been relaxed to encourage a greater number of applications.

The credit history requirement for applicants has been reduced from 12 months to three months. Additionally, applicants who have made regular repayments on existing loans are now eligible for the scheme. Applications under the revised criteria are currently open and can be submitted via the SDFC online portal.

Loans offered under this facility range from USD 6,486 to USD 129,729 and do not require a mortgage. The scheme includes a six-month grace period and allows repayment terms of up to 10 years.

The government expects that equipping all fishing vessels with RSW systems will address the difficulties fishermen face in obtaining ice to keep their catch fresh. This financing facility forms a crucial part of the administration’s wider plan to simplify and improve access to resources for fishermen.