The Minister of Fisheries and Ocean Resources, Ahmed Shiyam, has announced that 36 fishermen have so far received financial assistance under the government’s loan programme for fishermen registered in the National Fishermen’s Register. The Minister shared the information while speaking at a workshop held on sports fishing or recreational fishing.
The Bank of Maldives (BML) entered into a Memorandum of Understanding (MoU) with the Ministry of Fisheries and Ocean Resources to facilitate easy access to finance for fishermen on 28 April. This collaboration enables fishermen registered on the National Fishermen’s Register to access a variety of credit facilities, including personal financing, credit cards, and home loans, based on their income. The bank began issuing loans under the MoU on 1 May.
Speaking on the agreement, the Fisheries Minister said that a significant amount of applications had already been submitted for the loan programme.
"The government has launched a loan programme of USD 1.95 million to provide financial assistance to fishermen for the development of fisheries. We have received applications from about 62 individuals. So far, 36 people have been provided assistance under this loan programme,” the Minister said.
The Minister said the current loan programme has effectively addressed the difficulties faced by fishermen in obtaining loans or financing from banks. He noted that fishermen are now utilising loans for various purposes.
"These loans are being used for a range of purposes, such as purchasing fishing vessels, and other fisheries-related investments,” the Minister said.
Under the loan arrangement, eligible fishermen can access personal financing up to USD 19,455 without collateral or equity requirements. For the first time in the Maldives, repayment schedules are structured considering seasonal variations in fishing income.
The current government is making significant efforts to develop and diversify the fishing industry of the Maldives, with the aim of further expanding the fishing industry and make it one of the largest income-generating industries in the Maldives.