The Ministry of Fisheries and Ocean Resources said that more than USD 1.16 million has been disbursed to fishing vessels so far under the ‘Kandufalhu Nafaa’ Loan Scheme.
The financing programme was introduced to support fishermen by providing easier access to funding, particularly for micro, small and medium enterprises (MSMEs) involved in reef fishing.
According to the ministry, the loan scheme is administered through SME Digital and is being implemented in several phases based on the priorities of fishermen. Officials said loans have so far been issued for 47 approved applications, with a total of USD 1,179,871.19 disbursed.
Applications are currently open under the Kandufalhuge Nafaa Loan Scheme for the installation of Refrigerated Sea Water (RSW) systems in reef fishing vessels. SME Digital said a total of USD 2,199,310.46 has been issued in loans to applicants through its programmes.
SME Digital has also introduced several new financing initiatives targeting MSMEs, including those in the fisheries sector. One such programme is the Vessel Financing Scheme launched last December, which focuses on providing financial assistance for marine vessels. The scheme is designed to support both new and existing businesses to build, purchase or upgrade vessels. It also provides financing for engine installation as well as the repair and maintenance of vessels.
SME Digital said the financing initiative is intended to ease financial pressures in sectors that depend on marine vessels, including tourism, fisheries, logistics and cargo transportation.