Ministry of Fisheries, Marine Resources and Agriculture has opened the opportunity for individuals to apply for the Kandu Falhuge Nafaa loan programme carried out under the Fisheries Development Programme to establish Refrigerated Sea Water (RSW) systems on fishing boats.
The loan programme aims at lessening the burden and cost on fishermen who face difficulties in obtaining ice from the ice plants located in different atolls. It is also aimed at developing the industry further and allowing fishermen to stay at sea for longer periods by keeping their catch fresh.
The programme is being implemented jointly by the fisheries ministry and the Ministry of Economic Development. The opportunity to apply for the funds required to install the systems is open from November 28. The applications should be submitted to the SME Development Financing Corporation (SDFC) portal.
The government will spend USD3.8 million this year to finance the installation of RSW systems on 118 fishing vessels. The loans will be provided under the fisheries development programme to finance the installation of RSW systems with a storage capacity between 10-15 tonnes. The loans will also finance the generators needed for the systems, and cover the cost of installation. In addition, loans will include a six-month grace period and a five-year repayment period with a 6% interest.