Gov’t Launches Two Targeted Financing Schemes To Boost Fisheries Sector

The government has launched two targeted financing schemes designed to strengthen the fisheries sector, with a focus on mariculture and fish processing. 

The Mariculture Scheme and the Maha Manfaa scheme will open for applications on 13 December, aiming to stimulate growth, expand opportunities, and encourage value addition across the industry.

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The Mariculture Scheme provides financial support for individuals and businesses seeking to enter or scale up operations in marine farming. The programme offers loans for the purchase of sea cages, which are essential for mariculture. The scheme, administered by SME Digital under concessional Islamic finance principles, will finance up to 200 sea cages. Available assistance ranges from USD 5,188 to USD 41,504, with a maximum repayment period of six years, including a six-month grace period.

The Maha Manfaa scheme, introduced jointly by the Ministry of Fisheries and Ocean Resources and SME Digital, supports small and medium enterprises involved in fish processing and marketing. The Islamic Sharia-compliant scheme aims to increase production and market access, especially for value-added products such as pre-cooked and dried fish. Priority will be given to businesses engaged in cooking, drying, packaging, storage, and the establishment of value-addition facilities.

Maha Manfaa provides unsecured loans between USD 3,242 and USD 25,940, requiring no collateral. Funds can be used for equipment, facilities, and goods needed for fish processing. Beneficiaries will pay six percent interest per annum, with a maximum repayment period of seven years and a six-month grace period.

SME Digital stated that both schemes form part of broader national efforts to develop the mariculture industry and enhance the wider fisheries sector.