Under the financing facility to install Refrigerated Sea Water (RSW) systems in active and newly built fishing vessels, MVR 51 million has been disbursed so far, Fisheries Minister Ahmed Shiyam has said.
Speaking at a press conference held at the President's Office today to detail the Ministry's work, Minister Shiyam said that a total of 90 parties had applied when the opportunity was opened to apply for the RSW facility. Out of these, applications from 45 parties were accepted, loans were arranged for them, and a total of MVR 51 million has been disbursed so far, the Minister said.
Installing Refrigerated Sea Water (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), aimed at improving the living standards of those active in the fisheries sector and providing 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 Livelihood in Fisheries Sector in Maldives through Sustainable Energy Project", a Murabaha RSW financing facility has been arranged to install RSW in vessels. This facility finances the installation of RSW systems in fishing vessels, the purchase of generator sets, and the purchase of solar power panel systems. Under this facility, up to MVR 2,000,000 is disbursed, with a profit rate calculated at 6% per annum. The government pays 35 percent of the cost of the items taken under this facility. While financing is provided under this facility to be repaid within a maximum of 10 years, a grace period of 6 months is arranged.
