Government Opens Opportunity To Apply For Loan Under The RSW & Solar Power Systems Initiative

Ministry of Fisheries, Marine Resources and Agriculture in partnership with the Ministry of Economic Development has opened the opportunity for local fishermen communities to request for loans under its RSW & Solar Power Systems establishment initiative. The funds required for the project are secured through the assistance of the Islamic Development Bank (IsDB).

This project encourages local fishing boats to establish Refrigerated Sea Water (RSW) and Solar Power Systems on vessels. This would in turn help to resolve the difficulties faced by fishermen due to the scarcity of ice obtained from ice plants located across the Maldives. In addition to this, RSW and Solar Power systems will also enable fishing vessels to spend longer durations at sea, increasing the daily catch while keeping it fresh.

This transformational initiative has now reached its second phase, with over 300 vessels already discharged loans as part of the initiative. Currently, the project is issuing loans to applicants who have applied during the first phase of the project. Under this project, the Ministry will be providing financing to applicants to install the RSW systems with a six-year repayment period subject to 6% interest. The repayment period will be effective starting from the signing of the loan agreement.