Consultation for the Design of 5th Generation Fishing Vessel Handed Over

A special ceremony was held at SME Development Finance Corporation yesterday for the project signing of the Consultancy for Designing 5th Generation Fishing Vessels. The project was awarded to Precision Marine Pvt Ltd, to take place in collaboration with Ministry of Fisheries, Marine Resources and Agriculture. It is an initiation of the Ministry of Economic Development. 

 
SDFC states that the 5th generation fishing vessels once in play will empower local fisherman to enhance their performance and increase efficiency and value addition prospects at work. The challenges local fishermen face now when it comes to weighing in fresh and earning the righteous price for their catch will be solved with the new vessels, says Economic Minister Fayyaz. He added that much discussions were held with the stakeholders of the fishing community in the Maldives to get the most precise recommendations for challenges in the field.  
 
In the end, the benefit will be to the local fishermen who can sell quality catch and contribute to the GDP earned from export of the fish. Minister Fayyaz stated that Maldives being an oceanic island, it is high time that the equipment and vessels used by local fishermen are brought to universal standards in order to extract the maximum benefit out of the work.  
 
SDFC has so far released MVR 215 in loan to stakeholders of the fishing industry of the Maldives. The 5th generation fishing vessels will be an additional support to the system, hopes SDFC.