The Maldives has launched a new $50 million fund to help advance the space industries of island nations, according to an announcement made at the International Astronautical Congress (IAC) in Sydney, Australia, which ran from September 29 to October 3.
The Maldives Space Research Organization (MSRO) is behind the launch of the new fund, dubbed the Maldives Space Capital for High-Impact Fund (MSCHIF), which promises to be a landmark move in the development of the country's space sector, as well as that of other island nations.
The MSCHIF is headquartered in the United Arab Emirates, which the MSRO claims will allow for more favorable regulatory governance, as well as easier access for investors.
The new fund will arrange funds for infrastructure projects, applications, and innovation research.
MSRO: Pushing ahead in space innovation for island nations
The MSRO has spent the past three years becoming a bigger player in the global space sector and a voice for other island countries, establishing and organizing conferences and partnerships among other Small Island Developing States (SIDS).
The MSRO has also made significant strides in innovation and impact without relying on government funding. Despite these limitations, it has managed to lead major space technology demonstrations in the realm of maritime and climate monitoring.
In August, the MSRO conducted its first-ever microgravity experiment, sending Maldivian mangrove seeds to the International Space Station (ISS).
“We’ve proven what’s possible with almost nothing," said MSRO President Madin Maseeh in a statement. "Imagine what we can achieve together with access to capital, technology, and each other."