An information session regarding the Murabaha facility for installing Refrigerated Sea Water (RSW) systems on active fishing vessels and newly built boats is set to be held in R. Maduvvari.
Targeted at Maduvvari fishermen, vessel owners, and captains, this meeting will take place tomorrow night at 20:30 in the Maduvvari Iruveli Hall. Information at the meeting will be provided by technical officials from the Project Management Unit of the Fisheries Ministry. The Fisheries Ministry stated that general information regarding the RSW system, solar PV, and the Murabaha financing facility will be shared during the session.
The Ministry noted that they intend to hold an additional information session regarding the RSW facility in R Atoll. In this regard, the Ministry stated that efforts are underway to organize another meeting in Dhuvaafaru of the same atoll.
The "Murabaha RSW Financing" facility is a financing scheme arranged through the SME Development Finance Corporation (SDFC) to install RSW systems on vessels. It falls under the "Support People's Livelihood in the Fisheries Sector in Maldives through Sustainable Energy Project," initiated jointly by the Islamic Development Bank (IsDB), the Lives and Livelihoods Fund (LLF), and the Fisheries Ministry. Under this facility, RSW systems are planned to be installed on at least 100 dhonis.
Under the 'Murabaha RSW' financing, up to MVR 2,000,000 is issued, with a profit rate calculated at 6% annually. The government will cover 35 percent of the cost of items acquired under this facility. The financing is provided with a maximum repayment period of 10 years, which includes a grace period of 6 months.
Applications for the "Murabaha" facility must be submitted via the SDFC portal.
