"Kandu Falhuge Nafaa" loan program now available without collateral

The "Kandu Falhuge Nafaa" loan program is now available without any collateral. (Photo/ Sun File)

The government has stated that the "Kandu Falhuge Nafaa" loan program carried out under the Fisheries Development Program to establish Refrigerated Sea Water (RSW) systems on fishing boats will be provided without any collaterals.

The Fisheries Ministry has also increased the duration of applications for the loan program to September 2, in addition to waiving the collaterals for the program. The previous deadline for the applications for the program was on August 1. 

"Kandu Falhuge Nafaa" loan program is aimed at lessening the burden and cost on fishermen who face difficulties in obtaining ice from the ice plants located in different atolls. It is also aimed at developing the industry further and allowing fishermen to stay at sea for longer periods by keeping their catch fresh.

The total loan amount provided under the program is MVR 3.08 million. The highest amount allocated for a Refrigerated Sea Water (RSW) system for one individual is MVR 700,000. The duration for the loan repayment is five years.

Receivers of the loans also have to provide written documentation that the Refrigerated Sea Water (RSW) systems they purchase with the loan are operated using an environment-friendly gas.