Aquaculture for all

Oman Fisheries Co Issues Loans to Fishermen

Sustainability Economics +3 more

OMAN - The Oman Fisheries Co (OFC) has issued loans to the tune of RO200,000 to local fishermen to enable them to buy and repair boats, nets and engines. The loans are issued every year at the start of the fishing season and are adjusted against payments made on direct fish procurement from them.

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The company has always stood by local fishermen and their interests, which is an integral part of OFC's success story, reports Zawya.

The 'Blue Ocean Strategy,' implemented three years back with the stated objective of increased direct procurement from fishermen, through initiatives like finding unexplored fishing territories and 'non-selective' buying, has been a game-changing initiative in supporting local fishermen.

OFC said it has been successful in establishing a broad network of local procurement centres across the sultanate to facilitate effective direct procurement from fishermen, and has buying arrangements with more than 400 fishermen.

There are species which do not find any local buyers but are popular internationally. OFC's non-selective procurement policy - whereby all the edible fish catch, irrespective of species, are guaranteed to be bought from fishermen - ensures that even species that are not sold in the local market are ensured markets in developing countries and other emerging markets.

Now with the upcoming processing plants in Salalah and Soqrah, and the proposed plants in Duqm and Barka - each with a capacity of 35 tonnes - OFC will significantly add to its procurement volumes.

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