Over 30 Fishermen Receive Loans Under New Gov’t Financing Programme

Over 30 fishermen have received financial assistance under the government’s loan scheme for individuals registered in the National Fishermen’s Register, according to the Minister of Fisheries and Ocean Resources, Ahmed Shiyam.

The Minister shared the update while speaking at a workshop focused on sports fishing, also known as recreational fishing.

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The loan scheme was made possible through a Memorandum of Understanding (MoU) signed on 28 April between the Ministry of Fisheries and Ocean Resources and the Bank of Maldives (BML). The agreement is intended to improve access to financing for registered fishermen, enabling them to obtain various credit facilities such as personal financing, credit cards, and home loans based on verified income.

BML began issuing loans under the agreement on 1 May. According to the Minister, 62 applications have been submitted to date, and 36 individuals have already received assistance through the programme.

The Minister stated that the loan scheme has significantly improved access to financing, addressing the challenges traditionally faced by fishermen in securing funds from banks. He noted that beneficiaries are using the loans for a variety of purposes, including the purchase of fishing vessels and other fisheries-related investments.

As part of the scheme, eligible fishermen can access personal financing of up to USD 19,455 without the need for collateral or equity contributions. For the first time in the Maldives, loan repayment schedules have been structured to accommodate seasonal variations in fishing income.

The government has allocated USD 1.95 million for the programme as part of broader efforts to strengthen and diversify the Maldivian fishing sector. These efforts are aimed at transforming fisheries into one of the country’s leading income-generating industries.