World Bank to give largest donation yet to Maldivian fisheries

Minister of Fisheries and Agriculture, Dr.Mohamed Shainee said that the World Bank is set to give the largest donation to date to the development of the Maldivian fisheries industry.

Speaking at the panel yesterday at the Maldives Financial Expo, Dr. Shainee said that the World Bank has decided to give USD 80 million in free aid to the development of fishing in the Maldives.

The Fisheries Minister said that it is the largest donation from the World Bank to the Maldives so far. He said that the free-aid is confirmed and the next step is signing the documentation.

Dr. Shainee said that it proves that the Maldivian fisheries industry is headed to the right direction and the trust from the international community to the industry in Maldives. He said that the private sector in fisheries has also been widely developed and without a strong private sector, international organizations such as the World Bank would be hesitant but now the government can show the work from the private sector as well.

The Fisheries Minister said that it is difficult to give loans to fishermen since the banks require a fixed income to qualify for loans. And it is difficult to give collateral to fishermen.

He said that the fishermen has the capacity to change the industry and develop further by investing together.