Saturday
31st Oct 2026
Dhivehi Edition
SME Digital--
Applications have reopened for financing to install refrigerated seawater (RSW) systems on fishing vessels, with the maximum financing amount increased to MVR 4 million without collateral.
The facility, offered through SME Digital, has also been expanded to cover the installation of new vessel engines and replacement of existing engines. Previously, financing covered RSW systems, generator sets and solar panels.
The scheme is being implemented jointly with the Fisheries Ministry, the Finance Ministry’s Lives and Livelihoods Fund (LLF), and the Islamic Development Bank (IsDB).
Financing is available at an annual profit rate of six percent, with a repayment period of up to 10 years, including a six-month grace period.
The initiative aims to reduce fishermen’s expenditure on ice while helping preserve the freshness and quality of their catch.
Fisheries Minister Ahmed Shiyam said travelling to obtain ice and the associated costs remained among the biggest difficulties facing fishermen. Installing RSW systems would reduce reliance on ice plants and cut fuel expenditure, he said.
Shiyam added that modernising fishing vessels could increase fishermen’s net earnings and support the industry’s development.
SME Digital CEO Badrudheen Hassan described the expanded facility as an opportunity for fishermen and vessel owners across the country to improve profitability and access modern fish preservation equipment without providing collateral.
He said the investment could support greater productivity and the development of value-added products, with benefits extending to fishing families, businesses and island economies.
Applications can be submitted online through the SME Portal on SME Digital’s website.