The Fisheries Ministry has announced that the "Murabaha RSW Financing" facility, which provides loans for installing Refrigerated Sea Water (RSW) systems on fishing vessels, will be reopened to include newly built vessels.
The Fisheries Ministry has decided to reopen the opportunity tomorrow to apply for the "Murabaha RSW Financing" facility, which is issued for establishing RSW systems, purchasing generator sets, and buying solar power panel systems on fishing vessels. The Ministry stated today that the facility's conditions have been changed to allow newly built fishing vessels to apply for the facility to install RSW systems and generator sets. The conditions are:
Must be a vessel with a fish holding capacity of at least 10 tonnes
The "Murabaha RSW Financing" facility is a financing facility arranged through the SME Development Finance Corporation (SDFC) to install RSW systems on vessels under the "Support People's Livelihood in 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, and work is currently underway to issue loans to the 19 eligible parties from the opportunity opened last year.
Under the 'Murabaha RSW' financing, up to MVR 2,000,000 is issued, with a profit rate calculated at 6% per annum. The government covers 35 percent of the cost of the items acquired under this facility. The facility provides financing to be repaid within a maximum of 10 years, with a grace period of 6 months.
