The Ministry of Fisheries, Agriculture and Ocean Resources has announced that loans totalling USD 972,763 have been disbursed to fishermen as of 20 October.
The Government has also established a national register of fishermen, enabling authorities to maintain an official record of those working in the sector.
The national register has helped streamline access to financing for fishermen. The Bank of Maldives (BML) and theMinistry of Fisheries, Agriculture and Ocean Resources signed an agreement in April last year, and loan disbursements began in May.
According to the Ministry, 119 fishermen had received loans totalling USD 972,763 by 20 October.
The loans are issued through the Masveriyaa Portal, an online platform designed to allow eligible fishermen registered in the national register to apply for various Islamic financing schemes.
Through the portal, fishermen can apply for financing to construct or renovate their homes, purchase or upgrade fishing equipment, and support their children's higher education. They can also apply for loans to build, purchase or repair boats, as well as invest in guesthouse businesses.
The portal allows fishers to submit applications conveniently from anywhere and at any time, without having to visit a Bank of Maldives branch.