Over 176 apply for fisheries development loan

Ministry of Fisheries and Agriculture has said that over 176 parties have applied for the government loan scheme aimed at developing the fisheries industry.

Deputy Minister of Fisheries and Agriculture Ahmed Hafiz told Sun Online that the loan, which has been divided into two categories, would be issued starting February 2015.

“The first category is producers of fish products. For them, the loan amounts are MVR 100,000 with mortgage, or MVR 50,000 without mortgage. The second category is development of large fishing vessels to encourage youth to join the industry. For this category the loan amount is MVR 100,000,” said Hafiz.

He said that 19 applications had been received for the second category.

The government has announced that MVR 5.8 million will be issued in the first category, and MVR 8.7 million will be issued in the second category under this loan scheme to expand the fisheries sector.