SME Digital, in collaboration with the Ministry of Fisheries and Ocean Resources, has launched a nationwide Mariculture Scheme that will finance 200 sea cages to accelerate the development of mariculture in the Maldives. The programme delivers a key pledge of President Dr Mohamed Muizzu, who committed to expanding opportunities in the fisheries sector and supporting new income avenues for coastal communities.
Through this initiative, SME Digital will provide Shariah compliant financing structured on simplified Islamic principles, enabling both established operators and new entrants to acquire the sea cages required to launch or scale mariculture businesses. Financing amounts range from MVR 80,000 to MVR 640,000, with repayment periods of up to six years including a six month grace period. The Ministry will facilitate the provision of sea cages, ensuring a unified process between equipment supply and funding support.
Officials note that the scheme has been designed to eliminate capital constraints that have limited the sector’s growth. By offering long term, accessible financing, the government aims to stimulate investment, expand national mariculture capacity, and strengthen fisheries diversification efforts. The initiative is one of several measures introduced under President Muizzu’s fisheries policy agenda, which prioritises modernisation, value addition, and new commercial opportunities for Maldivian fishermen and ocean based entrepreneurs.
Badhurudheen Hassan, CEO of SME Digital, highlighted the launch as a strategic step in fulfilling national development priorities. He said the financing structure will allow operators to expand confidently while managing financial commitments in a sustainable manner. He added that the scheme is expected to support the industry’s foundation, long term growth, and successful integration into the wider fisheries economy.
Applications for the Mariculture Scheme open on December 13, 2025 through the SME Portal at www.smedigital.mv.
