President Dr Mohamed Muizzu announced last night that interest-free loans will be arranged for boat builders.
President Dr Mohamed Muizzu announced last night that interest-free loans will be arranged for boat builders.
Visiting Raa atoll Innamaadhoo, which is renowned for its boat building industry, the President met with boat building industry professionals yesterday.
After the meeting, the President said that the biggest concern of shipwrights in the island is the difficulties faced in securing funding. To address this, the President pledged to arrange means of issuing loans.
"Through the banking system, I will facilitate the issuance of loans without a mortgage. This will allow boat builders in this island and across the nation to further broaden this industry," he said.
The President said that he wants to expand the field of boat building exclusively for Maldivians. He said that he would work to resolve any challenges faced in encouraging young persons to take up the skill.
President Muizzu further said that Maldivians will be given priority even when government projects in the industry are run.
He voiced concerns about the low number of youth working in the industry, and stated that efforts would be made to establish a boat building training centre in Innamaadhoo.
The President also said that the construction of 50 housing units on the island will be announced this month, as well as carrying forward efforts to expand the school and harbour. He also pledged to develop sports on the island.
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