Financing Scheme Agreement Signed In Regards To Hakathari

Ministry of Environment, Climate Change, and Technology and Maldives Islamic Bank have inked an agreement to make Hakathari equipment more accessible. At a ceremony held at the Ministry, Aminath Shauna, Minister of Environment, Climate Change, and Technology, signed the agreement on behalf of the Ministry, and acting CEO Mr. Ahmed Riza signed on behalf of Maldives Islamic Bank (MIB).
 
MIB will create a financing strategy to stimulate the utilization of Hakathari appliances within the terms of the agreement. The financing plan is created as a list-based financing scheme that will allow the purchase of 3, 4, and 5-star rating appliances from the Hakathari Program's list of products.
 
In her statement, Minister Shauna, indicated that Hakathari appliances can be acquired at a 10% annual interest rate under the financing scheme. The minister also stated that the financial system will be one of the most affordable in the country.
 
The Government of Maldives is currently implementing the Strengthening Low Carbon Energy Island Strategies (LCEI) Project, which is funded by the Global Environment Facility (GEF) and administered by the United Nations Environment Program, with the goal of reducing greenhouse gas emissions and conserving energy (UNEP). The LCEI project has budgeted MVR 12 million for the finance scheme's implementation.
 
The money will be used as a guarantee by Maldives Islamic Bank to manage the plan. Those interested in acquiring Hakathari appliances will be able to obtain financing from the bank using its own cash. The bank will finance up to MVR 15.36 million for the purchase of Hakathari-branded appliances under the scheme.