SDFC to extend financing to 200 fishing vessels

Applications are now open for RSW financing scheme through SME Digital. 

SME Digital said that under this scheme, financing will be provided to 200 fishing vessels. 

The Fisheries Ministry, Lives and Livelihood Fund (LLF) and Islamic Development Bank (ISDB) are jointly implementing this financing programme. 

SDFC said that this shariah-compliant financing scheme is targeted towards advancing the fisheries sector. As such, financing will be provided for setting up cooler systems, solar panels and generator sets on fishing vessels. 

According to SDFC, 35 percent of the purchase cost will be provided as a grant and deducted from payables upon financing and installation of RSW systems. 

RSW systems (Refrigerated Sea Water systems) are used onboard fishing vessels to preserve their catch until offloading. 

SDFC said that up to MVR 1 million in financing will be provided under this scheme. A grace period of six months will also be granted, with a repayment period of ten years. Financing profit will be calculated at 6 percent per annum. The financing is provided without a mortgage, and the applicant needs to make no expenses themselves. 

Applications can be submitted via the SME Digital Portal.