In a significant move to bolster the local fisheries sector, the Maldives government has secured USD 8.3 million (MVR 128 million) in funding, with plans to launch a loan program aimed at supporting private businesses in the marketing of fish products. The program will also extend to businesses that process fish byproducts, such as heads, bones, skin, and fins, into valuable products like animal feed.
Fisheries Minister Ahmed Shiyam announced the news on Tuesday during a session in Parliament, where he was addressing questions from lawmakers. Responding to an inquiry from Kendhoo MP Mauroof Zakir, a member of the main opposition Maldivian Democratic Party (MDP), the Minister highlighted the government’s commitment to supporting small and medium enterprises (SMEs) within the fisheries industry.
A key aspect of the program, Shiyam revealed, is that 40% of the total value of eligible projects will be provided as grants. Specifically, the Fisheries Ministry has allocated USD 1.8 million (MVR 27.7 million) to assist SMEs in producing and marketing fish-based products.
The initiative will also include a new loan scheme offering up to MVR 700,000 without collateral, payable over a period of 10 years with a 5% interest rate. With MVR 32 million earmarked for this program, 62 individuals are set to qualify for the financial support.
Furthermore, Shiyam confirmed that discussions have already begun with the Maldives Islamic Bank to facilitate the distribution of fish from the ministry’s revolving fund to dryers and sellers. He reassured the public that the government will continue to provide support to fish dryers and fishermen, including new financial resources aimed at helping them grow their businesses.
This new program is part of the government’s broader effort to improve the profitability and sustainability of the country’s fisheries industry, while also tapping into the potential of fish byproducts to create new economic opportunities.
