Information Sessions on Revised RSW Financing Credit Facility in Meemu Atoll

The Ministry’s Project Management Unit has conducted information sessions in Meemu Atoll following the reopening of applications for the RSW Financing Facility.

The RSW Credit Facility now includes revised criteria for both operational fishing vessels and newly built fishing vessels nearing completion. These vessels will be eligible for the facility to procure RSW systems, generator sets, and Solar PV systems.

During the session, Project official, outlined the updated requirements for both operational fishing vessels and newly built vessels in the final stages of completion, for owners seeking the RSW Credit Financing Facility, along with the other benefits and features of the facility.

To apply for the RSW Financing Facility, operational fishing vessels must meet specific requirements. They must be constructed from fiberglass and registered as fishing vessels with a valid license issued by the Ministry of Fisheries and Ocean Resources. The vessels should be fully operational at the time of application, at least 50 feet in length, and have a minimum fish storage capacity of 10 tonnes, reduced from the previous requirement of 15 tonnes. Additionally, there must be sufficient space available on the vessel to install the necessary systems.

To apply for the RSW Financing Facility for new vessels, they must have a valid hull registry and be in the final stages of completion, with engine installation underway. The vessel must be at least 50 feet in length and have a minimum fish holding capacity of 10 tonnes, reduced from the previous requirement of 15 tonnes. Additionally, there must be sufficient space available on the vessel to install the necessary systems.

The RSW Financing Facility, supported by the Islamic Development Bank and the Lives and Livelihoods Fund (LLF), offers a repayment period of up to 10 years under the Islamic financing principle of Murabaha.