MVR 51 million in loans have been disbursed for the purpose of establishing Refrigerated Sea Water (RSW) systems.
As per the Fisheries Ministry via the "Sarukaaru" website, as 90 parties have requested an RSW system be established, 45 of those have been approved.
During last week's press conference at the President's Office, the Minister of Fisheries and Ocean Resources Ahmed Shiyam stated that with the establishment of RSW systems on fishing vessels, it will bring an end to fishermen's expenditure in buying ice. They would not have to sail to islands to acquire said ice.
Shiyam said that fuel is what fishermen spend most of their money on and that with the establishment of the system, it would lower their fuel expenses as well.
The loan application for the establishment of RSW systems, which was done by the Fisheries Ministry and the SME Development Finance Corporation (SDFC), was opened to the public in September 2025.
The government has announced the loan application with additional concessions as well.
The credit history requirement in the establishment of RSW systems has been lowered from one year to three months. Loans can also be submitted whereby RSW systems are fitted into newly built vessels.
The ministry stated that if a loan has not been paid off or if there are any other issues within that time frame, the party who received the loan does not meet the loan requirements. If the loans are being regularly paid with the concessions, the ministry said that that party would meet the requirements for RSW system financing.
