Government issues loans to 14 young fishermen

Loans worth MVR 8.6 million have been issued to 14 fishermen, under the government’s program aimed at increasing youth engagement in the fisheries industry.

The loan documents were presented to the fishermen at a ceremony at the President’s Office this morning, by President Abdulla Yameen.

Speaking at the ceremony, President Yameen said that depending on the success of this program, similar schemes will be introduced in the future.

He said that it was observed during the Presidential Election campaign, that lack of funds was an obstacle for many aspiring fishermen.

Highlighting that not many people had applied for loans under the Get Set scheme and other programs introduced by the government, the President urged youth to make better use of these opportunities.

Minister of Fisheries and Agriculture Dr Mohamed Shainee said at this morning’s event that the loan scheme would help fishermen finance construction of fishing boats.

He said that the loans issued today carry an interest of 6 percent, and would benefit 1,400 people in 280 families.