MIB-Environment Ministry sign agreement for ‘Hakathari’ supplies

The Ministry of Environment, Climate Change and Technology and Maldives Islamic Bank on Wednesday signed an agreement to finance supplies for ‘Hakathari’ energy.

As part of this agreement signed during a ceremony held at the Environment Ministry, MIB introduced a finance scheme that allows people to have access to Hakathari supplies at a cheaper rate.

While Environment Minister Aminath Shauna signed on behalf of the authority, MIB’s Act-in CEO Ahmed Riyaz signed from the bank.

As part of this agreement, MIB will conduct a list based financial scheme to encourage people to choose energy-saving products.

With this scheme, customers can purchase products with Hakathari labelling of 3, 4 and 5.

Speaking at the ceremony, the minister said that customers can purchase products at a 10 percent rate – the lowest rating given by such a scheme.

According to research conducted by the Environment Ministry, it is estimated that if the programme is successful, by 2023, there will be a 16 percent reduction in energy usage.

Looking at the generation capacity needed by the powerhouse, by 2023, this is calculated to be 147 megawatts, hence saving MVR 800 million.

Consumers can purchase goods up to MVR 15.4 million under the scheme.