METFUND is charged with the responsibility of carrying out fundraising and disbursement of loans to beneficiaries, in a manner that will enhance the provision of maritime education and training to maritime professionals. The Fund carries out the following:
- Assume responsibility for the control and management of all loanable funds as vested in the Fund.
- Formulate mechanism for determining eligible students for payment of loans.
- Administer and supervise the whole process of payment and repayment of loans.
- Keep the register and other records of students’ loan beneficiaries
- Advise the Minister on matters of policy and of the law concerning provisions and recovery of loans to students.
- Keep the register of records of relevant Maritime Institutes grant beneficiaries.
- Establish operational links between the Fund and Maritime Institute with student loan beneficiaries for facilitating a smooth, efficient and effective administration of the loans.
- Establish operational links with employers of loan beneficiaries for the purpose of facilitating the recovery of the loans granted.
- Establish networking and cooperation links on a mutually beneficial basis with institutions and organizations, be they governmental or non-governmental, local, foreign or international.
- Perform such other functions as are conferred upon the Fund by or under the Act or any other written laws.