Over 40 Fishermen Received Loans Under New Financing Scheme, Gov’t Reveals

The Ministry of Fisheries and Ocean Resources has announced that 49 fishermen have received loans through the Bank of Maldives (BML) as part of a new financing programme aimed at strengthening the fishing workforce and formalising the profession. 

The update, based on figures as of 9 November, marks a key step in the administration’s efforts to recognise fishermen as a state-acknowledged professional group.

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The government has stated that the initiative forms part of a broader shift away from what it describes as years of limited institutional support for the sector. President Dr Mohamed Muizzu prioritised the creation of a national register of fishermen upon taking office, with the register forming the basis for the financial framework now in place.

The Fisheries Ministry signed an agreement with BML on 28 April to enable access to credit facilities. Loan disbursements began on 1 May, and all 49 beneficiaries are included in the national register. The scheme offers registered fishermen access to a variety of financial products tailored to their income levels, including personal financing, credit cards, and housing loans for purchasing, construction, or repairs.

The policy removes several longstanding barriers to credit by allowing registered fishermen to access personal financing of up to USD 19,459.46 without collateral or personal equity. BML has also introduced repayment mechanisms that take into account seasonal variations in fishing income.

Officials have said that the programme supports the government’s wider economic strategy, which seeks to expand and diversify the fishing sector and elevate it as one of the country’s leading income-generating industries.