Fisheries Ministry doubles loan for saltwater fish cooling systems to MVR 4 million

The Fisheries Ministry has increased the loan offered for installing a saltwater fish cooling system on fishing boats from MVR 2 million to MVR 4 million. The Refrigerated Sea-Water (RSW) system loan was introduced to help alleviate difficulties fishermen face in obtaining ice and to reduce related costs. Applications for the increased loan are now open through SME Digital. While the loan was previously offered for installing RSW systems, gensets, and solar panels on fishing boats, it now also covers installing new engines on vessels and replacing engines. The loan is offered at an annual interest rate of six percent, with a repayment period of 10 years and a five-month grace period before repayments begin.