News Desk
The Ministry of Fisheries and Marine Resources says 89 fishermen registered in the National Register of Fisheries have now received loans under the government’s financing scheme, marking steady progress in efforts to bring the country’s fishing workforce into the formal financial system.
The loan window opened on 28 April last year, with the Bank of Maldives beginning disbursements on 1 May through the BML Fisherman Portal. Officials say the arrangement is intended to give fishermen direct access to credit without the delays and collateral requirements that have long limited their options. Registered fishermen are now eligible for personal financing, credit cards and housing loans, depending on income levels. Under the revised structure, those who qualify can access personal financing of up to MVR 300,000 (USD 20,000) without the need for a mortgage or equity.
The ministry describes the register, launched by President Muizzu administration in February last year, as one of the government’s most important steps to ensure fishermen can secure financial support from banks and other institutions. Officials say the system is already proving its worth, with more fishermen entering the formal banking network and gaining access to credit that was previously out of reach.
Alongside expanding financial access, the government is pressing ahead with a nationwide rollout of ice plants while also supporting fishermen to install refrigerated seawater systems and small ice‑making units on their vessels through sharia‑compliant financing. Officials say these upgrades will give boats greater independence at sea and help maintain higher quality standards during long trips. President Dr Mohamed Muizzu has framed the work as central to strengthening fishing communities, noting in his presidential address that the shortage of cold storage capacity remains one of the sector’s most persistent challenges.
Fisheries Minister Ahmed Shiyam said the ice plant programme combines Saudi funding with state budget allocations and is designed to remove a bottleneck that affects fishermen across the country. With the Maldives’ dispersed geography and long fishing trips that can stretch for weeks, reliable ice is essential to preserve catch to international standards and prevent histamine formation.
