Deadline extended for fishing vessels development loan applications

The Ministry of Fisheries and Agriculture has extended the deadline by two months, for applying for the loan for the development of fishing vessels under the third phase of the Fisheries Development Program.

The ministry said in a statement that the deadline was up yesterday, but it has been extended following high demand.

The ministry has decided to provide MVR 8.8 million as loans to encourage youth to become fishermen.

Young people often face financial difficulties when building fishing boats, and gathering engines and modern equipment necessary to earn a living through fishing.

The document detailing the loan conditions and application form are available from the ministry and the Bank of Maldives (BML) during official working hours, said the ministry.

The new deadline for applying for this loan is 18 January 2015. The application forms can be submitted to BML branches in Male’ and other islands.