The Ministry of Fisheries and Ocean Resources has announced the reopening of applications for loans to finance the installation of Refrigerated Sea Water (RSW) systems on fishing vessels. The RSW financing facility aims to fund the installation of RSW systems on fishing vessels, ensuring the preservation of catch freshness and quality and thereby bolstering the fishing industry.
This loan programme is a collaborative effort between the fisheries ministry and the SME Development Finance Corporation (SDFC). Initially launched in September 2024, the ministry received 39 loan applications during the initial period. Of these, 19 applicants were deemed eligible, according to ministry sources.
The fisheries ministry informed PSM News that it is currently drawing up agreements with those eligible for the loans. The loans will be disbursed once these agreements are signed, the ministry added.
To facilitate the application process, the ministry plans to revise the policy when reopening the loan scheme. Applications are set to reopen on January 7 through the SDFC online portal, the ministry revealed. In this round, applicants can apply for the RSW financing facility for new boats under construction, it added.
The government is offering loans ranging from USD 6,486 to USD 129,729 without requiring a mortgage. The revised application process also allows vessels to install solar energy systems and purchase generators, the ministry stated. The RSW financing facility features a grace period of six months, with repayment terms extending up to 10 years.
This loan scheme is part of the administration's broader efforts to streamline the process for fishermen to acquire ice. Currently, a significant number of fishing vessels in the southern region are equipped with RSW systems. The government aims to install these systems on all fishing vessels across the country.