The government has approved loans for 62 individuals involved in reef fishing to enhance the fisheries industry. This initiative, announced by the Ministry of Fisheries and Ocean Resources, follows a loan scheme launched in February through the SME Development Finance Corporation (SDFC), which received 121 applications.
During a meeting held with the recipients of the loans, Minister of Fisheries and Ocean Resources Ahmed Shiyam emphasized the government's commitment to advancing the reef fishing sector, noting the significant demand for fresh seafood in the tourism-driven economy. Managing Director of SDFC Aishath Fifsheen Ali highlighted the growing number of reef fishers and the corporation's support for various businesses in the industry.
The program aims to assist with building or purchasing new reef fishing vessels, repairing existing ones, installing engines, and purchasing fishing equipment. Loans of up to USD 45,574 are available without collateral, with a repayment term of 10 years and a six-month grace period.
This initiative aligns with the government’s policy to promote sustainable growth in the fisheries sector, contributing to food security and economic stability in the Maldives.