The government of the Maldives has opened the opportunity for interested owners to request cooling systems and solar power systems for fishing boats.
The project is being implemented jointly by the Ministry of Fisheries, Marine Resources and Agriculture, and the Ministry of Economic Development. The opportunity to apply for the funds required to install the systems is open until the end of December. The applications should be submitted to the SME Development Financing Corporation (SDFC) portal.
Maldives received financing in the equivalent amount of USD13.5 million comprising of installment sale financing for an amount of USD8.775 million from the Islamic Development Bank (IsDB) and USD4.725 million grant from the Lives and Livelihoods Fund (LLF) from IsDB. The grant intends to provide part of the proceeds to payments for goods, works, related services, and consulting services to be procured under the project.
Refrigerated Sea Water (RSW) systems will be installed on 200 vessels as part of the project. The size of the RSW system is standardised in the market based on the storage capacity of the fishing vessel. Meanwhile, solar power systems will be installed to power the wheelhouse equipment, auxiliary lighting, and other electrical uses on approximately 200 vessels. All registered vessels and holders of a valid fishing license issued by the fisheries ministry are eligible to participate in the programme. In addition, the vessel must already be used for fishing.
The programme is scheduled to be implemented in phases. In the first phase, the information about the vessel, the RSW, and the solar power capacity required for the vessel will be identified based on the information submitted in the application and the information recorded in the ministry. In the second phase, the applicant will be given the opportunity to choose from a list of suppliers. The price of the financing facility will be determined based on the system chosen. The system will then be installed and the necessary training will be provided.