President Dr. Mohamed Muizzu has announced that MVR 25 million has been disbursed so far under the financing facility to install Refrigerated Sea Water (RSW) systems in active fishing vessels and newly built vessels.
Delivering this year's Presidential Address, the President stated that to encourage the installation of RSW systems, 45 parties have been approved for the facility and MVR 25 million has been disbursed. Furthermore, the President noted that SME Digital has opened RSW financing applications targeting an additional 200 fishing vessels.
Installing RSW systems in fishing vessels is a project carried out with the assistance of the Lives and Livelihoods Fund (LLF) and the Islamic Development Bank (IsDB), aiming to improve the living standards of those active in the fisheries sector and provide sustainable and energy-efficient technology to fishing vessels. This system will enable self-sufficiency in maintaining the quality of the catch.
Under the "Support People's Livelihoods in the Fisheries Sector in Maldives through Sustainable Energy Project", a Murabaha RSW financing facility has been arranged to install RSW systems in vessels. This facility finances the installation of RSW systems, the purchase of generator sets, and the purchase of solar power panel systems for fishing vessels. Under this facility, up to MVR 2,000,000 is disbursed, with a profit rate calculated at 6% per annum. The government covers 35 percent of the cost of items acquired under this facility. The financing is provided with a repayment period of up to 10 years, including a 6-month grace period.
