President Dr. Mohamed Muizzu presided over a ceremony on Thursday at the President's Office, marking the launch of the RSW financing facility for fishermen and the signing of the G.A. Kooddu Cold Storage Expansion Project.
At the ceremony, Ahmed Shiyam, Minister of Fisheries and Ocean Resources, signed the agreement for the G.A. Kooddu Cold Storage Expansion Project, while Aashish Oberai from Lucky Global Projects Private Limited also signed on behalf of the company.
The event also saw the President present award letters to the Murabaha RSW Financing Facility beneficiaries, a key initiative under the government's broader efforts to support the fishing sector. The facility is designed to help boat owners install RSW systems on their vessels, ensuring that the fish remains fresh and high-quality for the international market.
The initiative is part of the President's larger strategy to enhance the economic profitability of the fisheries industry. By providing fishermen with financial support to install RSW systems and expanding cold storage facilities, the government aims to eliminate temporary solutions and provide long-term support to the sector.
As part of the 'Support People's Livelihood in Fisheries Sector in Maldives through Sustainable Energy Project,' the Islamic Development Bank has partnered with the government to establish a financing facility for at least 100 vessels. The project provides financial assistance to purchase RSW systems, generators, and solar panels, with the government covering 35% of the costs.
This facility offers financing from MVR 100,000 to MVR 2,000,000 without needing a mortgage, enabling boat owners to make independent purchases from registered vendors. The use of RSW systems is expected to significantly reduce operational costs, particularly for ice procurement, thereby boosting fishermen's income.
Additionally, the government is committed to increasing the Maldives' cold storage capacity. President Muizzu has pledged to double the existing 8,500-tonne capacity and ultimately triple it to 25,000 tonnes, a step towards strengthening the infrastructure supporting the fishing industry.
Vice President Uz Hussain Mohamed Latheef, senior government officials, and representatives from the fishing and private sectors attended the ceremony.
At the ceremony, Ahmed Shiyam, Minister of Fisheries and Ocean Resources, signed the agreement for the G.A. Kooddu Cold Storage Expansion Project, while Aashish Oberai from Lucky Global Projects Private Limited also signed on behalf of the company.
The event also saw the President present award letters to the Murabaha RSW Financing Facility beneficiaries, a key initiative under the government's broader efforts to support the fishing sector. The facility is designed to help boat owners install RSW systems on their vessels, ensuring that the fish remains fresh and high-quality for the international market.
The initiative is part of the President's larger strategy to enhance the economic profitability of the fisheries industry. By providing fishermen with financial support to install RSW systems and expanding cold storage facilities, the government aims to eliminate temporary solutions and provide long-term support to the sector.
— The President's Office (@presidencymv) November 7, 2024
As part of the 'Support People's Livelihood in Fisheries Sector in Maldives through Sustainable Energy Project,' the Islamic Development Bank has partnered with the government to establish a financing facility for at least 100 vessels. The project provides financial assistance to purchase RSW systems, generators, and solar panels, with the government covering 35% of the costs.
This facility offers financing from MVR 100,000 to MVR 2,000,000 without needing a mortgage, enabling boat owners to make independent purchases from registered vendors. The use of RSW systems is expected to significantly reduce operational costs, particularly for ice procurement, thereby boosting fishermen's income.
Additionally, the government is committed to increasing the Maldives' cold storage capacity. President Muizzu has pledged to double the existing 8,500-tonne capacity and ultimately triple it to 25,000 tonnes, a step towards strengthening the infrastructure supporting the fishing industry.
Vice President Uz Hussain Mohamed Latheef, senior government officials, and representatives from the fishing and private sectors attended the ceremony.
