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Southern Atolls Development Project

Southern Atolls Development Project

The project area is rich in potential for tuna fishing but at the time of the project tuna stocks were underexploited. The pace of boat motorization was less than half that for the rest of the country. The area has substantial potential for tourism. Although agriculture is not a major activity in the area, it is important on some islands.

The objectives of the project were to:

  • create income-generating opportunities for low-income or otherwise disadvantaged women and men, both as groups and as individuals
  • extend development banking facilities to the southern atolls on a sustainable basis
  • improve some basic community facilities

Credit was an important component of the project, and it was provided on a demand-driven basis. The project was especially sensitive to the credit needs of women. The project’s support for development banking led to the opening of three new branches in the area and financed equipment, training of bank staff and technical assistance. IFAD funds also supported training for the people who benefited from the project, particularly women, and for government staff and local trainers. The project introduced a community development fund for the improvement of community facilities such as market places and the electricity supply. In addition the project provided funds to support management, monitoring and evaluation.


Source: IFAD


Status: Closed

Country

Maldives

Approval Date

13 September 1995

Duration

1995 - 2003

Sector

Credit and Financial Services

Total Project Cost

US$ 8.81 million

IFAD Financing

US$ 2.92 million

Co-financiers (International)

OPEC Fund for International Development US$ 2.21 million

Co-financiers (Domestic)

Domestic Financing Institutions US$ 1.65 million

Beneficiaries US$ 1.18 million

Financing terms

Highly Concessional

Project ID

1100000472


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