Revised Loan Scheme for Onboard Cooling Systems Attracts Strong Interest

The government’s loan programme aimed at equipping fishing vessels with Refrigerated Sea Water (RSW) systems has seen a strong response following the easing of eligibility criteria, the Ministry of Fisheries and Ocean Resources has said.

Implemented in collaboration with the SME Development Finance Corporation (SDFC), the initiative has received 69 applications since its relaunch. Financing agreements have been formalised for 21 applicants, with disbursements already underway.

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Originally introduced in September last year, the facility was revised to encourage wider adoption of RSW technology. Among the key changes was a reduction in the minimum required credit history from 12 months to three, enabling more applicants to qualify. Vessel owners are also now eligible to apply for systems to be installed on boats still under construction.

According to the ministry, these revisions aim to tackle ongoing challenges related to the availability and cost of ice, particularly in remote regions. RSW systems allow fishermen to chill their catch onboard, preserving freshness during longer trips and improving the overall efficiency of operations. This is expected to contribute to broader growth within the fisheries sector.

Loans provided under the scheme range from MVR 100,017.40 to MVR 2,000,001.64 and are issued without collateral. In addition to RSW systems, the facility also supports financing for solar panels and generators, enabling vessels to produce power sustainably at sea. Repayment terms include a six-month grace period followed by a ten-year repayment schedule.

Officials from the ministry noted the increasing interest in onboard preservation systems and highlighted the potential economic benefits for the industry. The revised loan scheme is part of a broader effort to maximise the financial returns available to fishermen through improved post-harvest handling.