Arrangements Being Made to Provide Collateral-Free Loans for Boat Builders

President Dr. Mohamed Muizzu has announced that arrangements will be made through the banking system to provide collateral-free, accessible loans for those who wish to build boats.

The President made these remarks while speaking to the residents of R. Innamaadhoo last night, during his tour of the atoll.

The President stated that boat building, yacht building, and carpentry work are, overall, very important for the economic development of the citizens. Therefore, he noted that his government's policy includes very important initiatives for Maldivians working in the boat building sector.

Reflecting on discussions held with some senior carpenters during his visit to Innamaadhoo, he said that the main difficulty faced by individuals in the boat building sector is the lack of accessible ways to obtain funds or take loans through the banking system to advance projects in the industry. Therefore, in line with his pledge to prioritize sectors where Maldivians are active through government projects, he assured that this government will facilitate arrangements for those who wish to build boats to easily take loans through the banking system.

"I would like to state that, God willing, we will arrange for those working in this sector to take collateral-free, accessible loans through the banking system. Then, individuals working in this industry, across various parts of the Maldives, and also in this atoll, will have a great opportunity to expand the industry," the President said.

The President further stated that since the boat building sector is an area he wishes to reserve specifically for Maldivians, the government's policy has been shaped through the cabinet and the manifesto to pave the way for this. Noting that there are obstacles for those wishing to enter this craft or sector, especially the youth, he announced his intention to establish a training center for the boat building sector in Innamaadhoo.

"I would like to inform you that establishing a training center for this sector in this island (Innamaadhoo) is something I intend to do. Therefore, through the Ministry of Skills Development, and within its procedures, we will arrange the necessary requirements for this, and God willing, we will facilitate a way for youth who wish to advance in this craft and sector to receive training in this island," the President said.

The President stated that he wishes to see the boat building sector become an area exclusive to Maldivians, where only Maldivians work, and an area where the number of trained Maldivians increases. He also assured that the government will do everything necessary to achieve this.