The Ministry of Fisheries, Agriculture and Ocean Resources has issued loans totalling MVR 15 million to 119 fishermen across the Maldives.
The ministry announced the figure in an official social media post. The scheme follows the creation of a formal national registry that recognises individuals working in the fishing sector. Inclusion in the registry has opened pathways for fishermen to secure state-backed loans and financial assistance.
The initiative is implemented in partnership with the Bank of Maldives. An agreement was signed in April last year, with disbursements beginning in May. Registered fishermen can apply through the Masveriya Portal, an online platform offering various Islamic financing schemes.
Eligible uses include vessel construction, fleet repairs, acquisition or upgrade of fishing gear, local guesthouse investments, home construction or renovations, and higher education expenses for children.
By digitising the process, the ministry aims to reduce administrative barriers and provide flexible financial support to the country’s primary maritime workforce.
The loans form part of broader efforts to support the fishing community and strengthen the sector’s contribution to the economy.
