The Ministry of Fisheries has successfully concluded information sessions held in the atolls regarding the project to establish Refrigerated Sea Water (RSW) systems on fishing vessels.
Conducted by the RSW Project Management Unit of the Fisheries Ministry, these sessions aimed to provide information on the "Murabaha RSW Financing" facility. This facility is a joint effort by the Fisheries Ministry and the SME Development Finance Corporation (SDFC), with assistance from the Islamic Development Bank (IsDB) and the Lives and Livelihoods Fund (LLF), to install RSW systems on vessels.
The Ministry conducted sessions in Th. Hirilandhoo, Th. Veymandoo, HA. Ihavandhoo, Lh. Naifaru, and Sh. Komandoo. Teams formed by the Fisheries Ministry, including technical staff from SDFC, assisted vessel owners in these five islands who wished to apply for the concessional loan (Murabaha RSW Financing) facility for installing RSW systems, providing essential information closely to the fishermen.
These sessions, which included council members, fishermen, and vessel owners, also discussed the importance of RSW systems in maintaining the quality of the fish caught. The Ministry stated that the sessions were successful and that the loan application process for vessel owners has now begun with the assistance of SDFC staff.
The opportunity to finance the installation of Refrigerated Sea Water (RSW) systems on fishing vessels under the Islamic Sharia-compliant Murabaha principle was opened by SDFC's Islamic Window on September 22. Interested parties can apply for this service through SDFC's online portal https://portal.sdfc.mv, and SDFC stated that applications will be accepted until November 30. SDFC also mentioned that the processing of applications from eligible parties will proceed as applications are received.
Targeted at vessels currently engaged in fishing in the Maldives and vessels in a condition to be used for fishing, this facility will finance fishing vessels that are 50 feet or larger. SDFC stated that the vessel must have a storage capacity of at least 15 tonnes of fish. Under this facility, financing is provided for establishing RSW systems on fishing vessels, purchasing generator sets, and purchasing solar power panel systems.
Under the 'Murabaha RSW' financing, up to MVR 2,000,000 is disbursed, with a profit rate calculated at 6% per annum. The financing under this facility is to be repaid within a maximum of 10 years, with a grace period of 6 months. SDFC stated that no collateral is required to obtain financing from this facility, and if the amount to be spent under this project exceeds the facility amount, the additional cost must be borne by the applicant.
