Special loan scheme to be introduced for the boat building sector

President Dr. Mohamed Muizzu has announced the decision to introduce a special loan scheme for the boat building sector.

Speaking at a press conference held at the President's Office today, referring to the loan schemes and financial facilities currently being issued by the government in the fisheries sector, the President stated that he has decided to introduce a special loan scheme for boat building, and that the Ministry of Finance is currently undertaking the preparatory work to introduce the scheme. With the introduction of this scheme, the President noted that arrangements will be made for interested parties to acquire soft loans to build fishing vessels.

The President further stated that the introduction of this loan will reduce the current reliance on importing boats and launches from abroad, and will open up opportunities for youth and workers who wish to pursue careers in the carpentry and boat building sector.

The government is already providing various financing facilities under different names through SDFC in the fisheries sector. As such, a special loan scheme for the reef fishery sector was introduced last year, and so far 12.9 million Rufiyaa has been disbursed to 41 parties. Additionally, a special facility has been established and funds are being disbursed to install RSW systems on fishing vessels.