Information sessions regarding the RSW financing facility, established to assist in installing refrigerated sea water systems on fishing vessels, have been conducted in Mulaku Atoll.
The Fisheries Ministry stated today that following the reopening of applications for the RSW financing facility, the Ministry's Project Management Unit conducted information sessions in Mulaku Atoll. During these sessions, general information about the facility and the changes introduced upon its reopening were shared with the participants, the Ministry said.
The "Murabaha RSW Financing" facility, issued to establish Refrigerated Sea Water (RSW) systems on fishing vessels, was reopened on the 8th of this month. With the new opening, the opportunity to apply for the facility has been extended to newly built fishing vessels. Accordingly, the facility is open to newly built fishing vessels to install RSW systems, generator sets, and solar PV systems, provided they meet the following conditions:
- Must be a vessel with a registered hull
- Engine installation work must have commenced
- Must be a vessel longer than 50 feet
- Must have a fish holding capacity of at least 10 tonnes
The "Murabaha RSW Financing" facility is a finance facility arranged through the SME Development Finance Corporation (SDFC) to install RSW systems on vessels under the "Support People's Livelihood in the Fisheries Sector in Maldives through Sustainable Energy Project", initiated jointly by the Islamic Development Bank (IsDB), Lives and Livelihoods Fund (LLF), and the Fisheries Ministry. While RSW systems are planned to be installed on at least 100 vessels under this facility, work is currently underway to disburse loans to 19 eligible parties from the opportunity opened last year.
Under the 'Murabaha RSW' financing, funds up to MVR 2,000,000 are disbursed, with a profit rate calculated at 6% per annum. The government covers 35 percent of the cost of items taken under this facility. The facility provides financing to be repaid within a maximum of 10 years, with a 6-month grace period.
Applications for the "Murabaha" facility should be submitted via the SDFC portal (https://portal.sdfc.mv/login).
