Gov’t Issues MVR 15 Million Loans to Local Fishermen

The Ministry of Fisheries, Agriculture and Ocean Resources has issued loans totalling MVR 15 million to 119 fishermen across the Maldives.

The Ministry announced this figure in an official social media post yesterday.

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The financial relief scheme follows the introduction of a formal national registry, which the current administration set up to officially recognise individuals working in the country’s fishing sector. Officials confirmed that inclusion in the registry has opened direct avenues for fishermen to secure state-backed loans and financial assistance.

The initiative stems from a partnership between the Ministry and the Bank of Maldives (BML), who signed an agreement in April last year before launching disbursements in May. Following the formal recognition of fishermen by the state, individuals enrolled in the national registry now have a direct pathway to access financial support, according to a ministry statement.

Fishermen access the scheme through the “Masveriya Portal”, an online platform designed specifically to streamline application processes for eligible registry members. The portal offers various Islamic financing schemes, allowing applicants to manage their funding requests digitally without visiting physical bank branches.

The Ministry details that, under the scheme, registered fishermen can request funding for vessel construction, fleet repairs, and the acquisition or upgrade of fishing gear. The financing framework also covers broader socio-economic needs, allowing applicants to secure loans for local guesthouse investments, home construction and renovations, or higher education expenses for their children. By digitising the framework, the Ministry aims to lower administrative barriers and provide ongoing financial flexibility to the nation’s primary maritime workforce.