President Ibrahim Mohamed Solih has announced the government will provide loans to finance the installation of refrigerated sea water (RSW) systems on fishing vessels. He made the announcement in the Presidential Address delivered at the Parliament of the Maldives.
In his address, President Solih said the government will spend USD 3.8 million this year to finance the installation of RSW systems on 118 fishing vessels. The president said the loans will be provided under the fisheries development programme to finance the installation of RSW systems with the storage capacity between 10-15 tonnes. He said the loans will also finance the generators needed for the systems, and cover the cost of installation. He added the loans will include a six-month grace period and a five-year repayment period with a 6% interest.
Furthermore, President Solih said a record number of fish were purchased by Maldives Industrial Fisheries Company (MIFCO) last year and that the administration has ensured that fishermen's dues were paid on time. He also assured that MIFCO will offer fishermen better rates starting in March, in line with changes in the global markets.