Applications open for ‘Kandufalhu Nafaa’ loan program

Fisheries Ministry has opened applications for fishing boats to establish saltwater cold storage facilities under the ‘Kandufalhu Nafaa’ loan program.

Applications opened Sunday.

Fisheries Ministry is set to issue up to MVR 34 million in loans to at least 68 fishing boats under the current phase of ‘Kandufalhu Nafaa’ program.

The ‘Kandufalhu Nafaa’ loan program was rolled out in collaboration with the SME Development Finance Corporation (SDFC) to fulfil the Maldivian administration’s pledge of issuing micro loans to establish saltwater cold storage facilities on fishing boats.

According to Fisheries Ministry, loans will be issued after evaluating applications based on order of submission.

Applications can be submitted via SDFC’s online portal starting November 28.

According to Fisheries Ministry, the ‘Kandufalhu Nafaa’ loan program seeks to address shortage in supply of ice from ice plants in the atolls, and to reduce the cost purchasing ice and preserve the freshness of the fish caught by fishermen.