President Abdulla Yameen Abdul Gayoom has this afternoon handed over the loan documents to the successful applicants of the Government’s loan scheme aimed at modernizing the traditional vessels and increase youth engagement in the fisheries sector. The award letters were presented at a ceremony held at the President’s Office.
Under the loan scheme, Government issued MVR8.6 million worth of loans to 14 fishermen and boat owners.
Speaking at the ceremony, President Yameen underlined the numerous challenges facing the fisheries sector of the country. In this regard, the President expressed hope that the loan scheme would be an important initiative to stimulate the youth and improve the fundamentals of the Maldivian economy.
Noting that 60% of the loan scheme was earmarked for the youth, President Yameen stated that it was part of the Government effort to increase youth involvement in the development of the country’s economy.
Underscoring the low response received by the youth for such schemes, President Yameen urged the Maldivian youth to make best use of these available opportunities. In this regard, the President said that Government could provide better financing schemes based on the support received from the public.
