The Maldivian government has distributed loans to 37 fishermen under a targeted initiative aimed at enhancing the nation’s reef fisheries industry, Minister of Fisheries and Marine Resources Ahmed Shiyam announced at a recent press conference held at the President’s Office. Supported by the Small and Medium Enterprises Development Finance Corporation (SDFC) and the Ministry of Economic Development and Trade, this loan program underscores the government’s commitment to bolstering sustainable growth within the fisheries sector, a key component of the national economy.
Minister Shiyam highlighted that the initial reef fisheries loan scheme offers an opportunity totaling MVR 30 million, uniquely structured as a mortgage-free, long-term loan. Qualified applicants can secure up to MVR 700,000, repayable over a period of 10 years. To date, out of 121 applications received, 62 have been approved, with 37 fishermen already benefiting from the funds provided through this initiative.
“This represents one of the most promising financial opportunities that the government has extended to fishermen looking to expand their reef fishing operations,” said Minister Shiyam. The initiative aligns closely with the government’s broader policy goals, aiming to reinforce sustainable practices in the fisheries sector, which play a crucial role in securing both food supply and economic stability for the Maldives.
By encouraging growth in reef fisheries through financial support and sustainable practices, the program intends to address local food demands while contributing to the sector’s long-term resilience.
