World Bank Team to Visit Maldives for Sustainable Fisheries Project
The Ministry of Fisheries and Ocean Resources has announced that a team from the World Bank will visit the Maldives in November to evaluate ongoing efforts in sustainable fishing and identify areas for financial assistance.
The ministry revealed that discussions with relevant authorities have been ongoing to further develop the fisheries sector. Minister of Fisheries and Ocean Resources, Ahmed Shiyam, recently met with Ann Jeannette (AJ) Glauber, the World Bank’s Singapore-based Practice Manager for Environment, Natural Resources, and Blue Economy in East Asia and the Pacific. Their talks focused on how the World Bank could support the Maldives, particularly in areas of financial assistance for fisheries development.
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During the meeting, Minister Shiyam highlighted the progress of the World Bank-funded TRANSFORM project and explored ways the organisation could continue contributing to the Maldives’ fisheries industry. Discussions included innovative solutions to enhance the sector and strategies to leverage the country’s sustainability efforts. Shiyam pointed out that 65% of the unprocessed fish purchased by the Maldives Industrial Fisheries Company Limited (MIFCO) are exported, but the government aims to reduce this figure by increasing the volume of processed fish.
Efforts are also underway to establish fish processing factories in three regions across the Maldives, Shiyam noted. He reiterated President Dr Mohamed Muizzu’s goal of shifting at least 35% of the oil used by fisheries companies to renewable energy sources.
The ministry also stated that the World Bank could provide financial assistance in areas such as environmental protection and women’s empowerment, which are linked to the sustainability of the fisheries sector.
Today, Minister Shiyam met with Ms. Ann Jeannette Glauber, the @WorldBank’s Practice Manager for Environment, Natural Resources, and the Blue Economy in East Asia and the Pacific Region. The discussion centered on the progress of the World Bank-funded TRANSFORM project and… pic.twitter.com/Ml05lPh20J— Ministry of Fisheries and Ocean Resources (@MFORmv) September 19, 2024
In addition to talks with the World Bank, the ministry has held discussions with the International Fund for Agricultural Development (IFAD), focusing on how the organisation could support the Maldives’ fisheries sector. Minister Shiyam shared President Muizzu’s vision for the development of mariculture and other fisheries-related initiatives, stressing the need for further improvements in small-scale fish processing and recognising the crucial role women play in this area.
The Ministry reaffirmed that these collaborative efforts aim to enhance the sustainability and economic growth of the Maldivian fisheries industry.
