Government Disburses $3.4 Million to Modernize Fishing Fleet with Cooling Systems

The Ministry of Fisheries, Agriculture and Ocean Resources has disbursed approximately USD 3.44 million in loans to help boat owners install modern refrigerated sea water (RSW) cooling systems. Launched in partnership with SME Digital, the initiative aims to modernize the Maldivian fishing industry by reducing reliance on traditional ice and improving catch quality. To date, 99 vessel owners have applied for the specialized loans, with 51 applications already approved. The program addresses a critical logistical bottleneck in the atolls, where ice is often in short supply at dispersed plants. By installing RSW systems, fishermen can preserve their catch more effectively at sea, allowing them to extend their fishing trips and secure higher market value for their yield. In a strategic effort to increase participation, the Ministry has significantly relaxed the application criteria. The mandatory credit history requirement has been reduced from one year to just three months, lowering the barrier for smaller operators to access funding. Beyond the cooling systems, the financial package has been expanded to cover essential ancillary equipment, including generators and solar power systems. These additions ensure that vessels have the necessary energy infrastructure to operate the new technology independently while at sea. The unsecured loans range from USD 6,490 to USD 129,800, depending on the scale of the upgrade. To minimize the immediate financial strain on local fishermen, the government has provided a generous 10-year repayment term, which includes an initial six-month grace period.