Maldives Unveils Collateral-Free Financing Scheme to Modernise Fishing Fleet

The Ministry of Fisheries, Agriculture and Ocean Resources has introduced a financing facility of up to MVR 4 million to help local fishermen upgrade their vessels and adopt sustainable operational technologies.

Rolled out under the “RSW Financing: Support Peoples Livelihoods In The Fishery Sector” initiative, the ministry informs that the collateral-free facility aims to modernise the nation’s fishing fleet and boost sector productivity. The initiative receives financial backing from the Islamic Development Bank (IsDB) and the Lives and Livelihoods Fund (LLF).

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Under the scheme, the ministry details, vessel owners can access capital to install refrigerated sea water (RSW) systems, the auxiliary generator sets, and renewable solar power configurations. The ministry has also added a new financing category for vessel mechanisation, enabling operators to refit their boats with advanced mechanical equipment.

The facility offers a 10-year repayment tenure, supported by an initial six-month grace period and an annual profit rate of 6 per cent. Officials additionally note that beneficiaries will receive 35 per cent of the total approved funding as a non-repayable grant, substantially reducing long-term repayment burdens on vessel owners.

Interested vessel operators can review application requirements and submit documentation directly through the ministry’s official portal.