President Dr Mohamed Muizzu attended a ceremony on Thursday to award letters to beneficiaries of the RSW financing facility and to sign the G.A. Kooddoo Cold Storage Expansion Project.
At the ceremony held at the President’s Office this afternoon, Ahmed Shiyam, the Minister of Fisheries and Ocean Resources, signed the G.A. Kooddoo Cold Storage Expansion Project, while Aashish Oberai signed on behalf of Lucky Global Projects Private Limited.
During the event, the President presented award letters to the beneficiaries of the Murabaha RSW Financing Facility.
The commercial value that fishermen earn for their catch in the international market depends on the freshness and quality of the fish. Therefore, the Ministry of Fisheries and Ocean Resources has been working towards facilitating the installation of Refrigerated Sea Water (RSW) systems onboard fishing vessels to maintain the quality of the fish. The government is also planning to install additional cold storage facilities at island harbors. Increasing economic profitability within the fishing industry is also a key policy of the President.
As part of the Islamic Development Bank’s ‘Support People’s Livelihood in Fisheries Sector in Maldives through Sustainable Energy Project’, a facility was established under Islamic Finance to install RSW systems on at least 100 vessels. The project, announced under the President’s leadership, is designed to address the needs of the fishermen. The government covers 35 per cent of the cost of goods ordered through the facility.
The facility will finance customers to purchase an RSW system, a generator, and solar panels ranging from MVR 100,000 to MVR 2,000,000 without the need for a mortgage. Boat owners can make their purchases independently through a vendor registered with the SDFC.
The use of RSW systems will significantly reduce the travel costs incurred by fishermen to buy ice, thereby reducing boat expenses and increasing the income received by each fisherman.
Doubling the existing 8,500-tonne cold storage capacity in the Maldives is among the President’s pledges. The Administration is working towards tripling the existing capacity, bringing it to a total of 25,000 tones.
The President was joined by Vice President Uz Hussain Mohamed Latheef and senior government officials.
