President pledges concessional loans for carpenters, shipping yard centre

President Mohamed Muizzu on Wednesday unveiled new pledges aimed at strengthening the boat building sector during his visit to the island of Innamaadhoo in Raa Atoll.

The president emphasised the importance of boat building for the economic development of the Maldives, vowing to implement policies that would ease the challenges faced by local carpenters and bolster the industry.

During his visit, President Muizzu met with the carpenters of Innamaadhoo, one of the Maldives’ most renowned boat building hubs. He listened attentively to their concerns, particularly regarding the challenges they face in accessing financial resources for their work. Carpentry, especially boat building, requires substantial capital, and many artisans have struggled to secure loans from traditional banking systems due to the lack of collateral.

In response to these concerns, the president promised to address these challenges.

"As part of our policy, the banking system will provide easy access to collateral-free loans for those working in this sector," Muizzu announced.

In addition to financial support, President Muizzu highlighted the government's plans to train and equip the next generation of boat builders. Noting the growing demand for skilled labor in the industry, the president revealed plans to establish a dedicated boat building training centre in Innamaadhoo. The centre will be developed in collaboration with the Ministry of Skills Development, aiming to provide specialised training for Maldivians interested in entering the boat building trade.

"We will be able to provide training for young people who want to pursue this town, this art, this field of work," said President Muizzu.

The training centre will not only focus on developing technical skills but also on preserving and promoting the indigenous boat building methods that have been passed down through generations. By encouraging local youth to enter the trade, the government aims to ensure that boat building remains a key part of the Maldives' cultural and economic landscape.

The president further emphasised that his administration is committed to prioritising Maldivian workers in government projects, particularly in sectors like boat building.

“In the light of the discussions held tonight and as part of the above policy, we want to ensure that more and more Maldivians enter the sector as trained professionals,” Muizzu explained. 

In addition to his promises for the boat building sector, President Muizzu also assured the people of Innamaadhoo that the island's harbour will be expanded to better accommodate the needs of the growing industry.