More than 30 Maldivian fishermen have received financial support under a government-backed loan programme designed to improve access to credit for individuals registered in the National Fishermen’s Register, Minister of Fisheries and Ocean Resources Ahmed Shiyam has revealed.
The announcement was made during a workshop on the development of sports and recreational fishing, where Minister Shiyam highlighted the early success of the loan initiative. The programme is a joint effort between the Ministry and the Bank of Maldives (BML), following the signing of a Memorandum of Understanding (MoU) on April 28.
Under the agreement, fishermen are now eligible to apply for a range of financial services, including personal loans, credit cards, and housing loans—products traditionally difficult to access for many in the fishing community. The loan facility officially began disbursement on May 1.
Minister Shiyam stated that the USD 1.95 million loan scheme has received strong interest, with 62 applications submitted to date. Of these, 36 fishermen have already secured financial assistance.
“This programme is addressing long-standing challenges faced by fishermen when seeking financial support,” Shiyam said. “The loans are now being used for vital investments such as the purchase of fishing vessels and other related equipment.”
One of the scheme’s unique features is the repayment plan, which has been tailored to accommodate the seasonal fluctuations of fishing income—marking the first time such a model has been introduced in the Maldives. Fishermen can access up to USD 19,455 in personal financing without needing to provide collateral or equity.
The loan programme forms part of the government’s broader efforts to revitalise and expand the fisheries sector. The Muizzu administration has identified fisheries as a key pillar of national development and aims to transform it into one of the Maldives’ leading economic drivers.
