Friday, December 5, 2014

Future is Bright for Namdrik Virgin Oil Project

By: Anel N. Philimon
Director/Business Advisor

On behalf of Namdrik Coconut Cooperative board and members, the Honobable Mattlen Zackhras (Senator of Namdrik Atoll at National Parliament), the Honobable Clearance Luther (Mayor of Namdrik Atoll) and the Project Manager Mr. Erakdrik Joel were on hand to join the Bank of the Marshall Islands-BOMI officials Mr. Patrick Chen, President and CEO and Ms. Velma Edward, Commercial Loan Officer in the signing ceremony of the line of credit fund given by BOMI for Namdrik Virgin Oil Project. Also the RMI SBDC staff were invited to witness the signing and awarding of the fund.

Mr. Joel said, this line of credit is the first to be given to a Non-Government Organization (NGO) in the outer islands and they were proud to be part of this partnership with the Bank of the Marshall Islands and the Tobolar Copra Processing Authority.

This is the second time the Namdrik Coconut Cooperative receive loans from the Bank of the Marshall Islands for its virgin oil project with the assistance from the RMI SBDC. First, we received a Micro Loan of $10,000 which has been fully paid, and now we receive this Line of Credit of $25,000.

We aim to be selling our virgin coconut oil to Marshall Island Service Corporation and Tobolar in bulk in the very near future and this would happen with the assistance from BOMI and the RMI SBDC.

“Copra is still the main source of income for our people and we have spent all of our time and resources developing this industry so it is sustainable,” said Mr. Joel.

Namdrik leaders recognized BOMI, RMI SBDC and Tobolar Management because without their assistance this would not happen. Komol Tata.

For more information on how the RMI SBDC can assist you, please call Leeno Aikuij at (692) 625-3685 or visit our website at or email him at