Maldives secures USD 8.3mn in funding to issue loans to market fish products

Fisheries Minister Ahmed Shiyam announced on Tuesday that the government is set to launch a loan program with support from the World Bank to support private businesses market fish products and products such as animal feed made from fish byproducts such as heads, bones, skin, and fins.

Shiyam attended the Parliament on Tuesday morning to answer questions from lawmakers.

In response to a query by Kendhoo MP Mauroof Zakir, a lawmaker from the main opposition Maldivian Democratic Party (MDP), Shiyam said the government has secured USD 8.3 million (MVR 128 million) in funding to run the program.

He said the Fisheries Ministry has arranged USD 1.8 million or MVR 27.7 million specifically support small and medium enterprises produce and market fish products.

“I note with delight that projects proposed under this program will receive 40 percent of the total value of the projects in the form of grants,” he said.

Shiyam said the Fisheries Ministry is working on formulating policies to apply for funding under the program and open the application process.

“The ministry has already partnered with the Islamic Bank to issue [funding] for people who prepare and sell dried fish from the ministry’s revolving fund,” he said.

Shiyam said that previous Maldivian administrations had neglected people based in atolls who cook and dry fish, but said the incumbent administration will ensure they are not sidelined.

He also announced plans to provide financial support to help reef fishermen expand their business, with unsecured loans of up to MVR 700,000 at a 5 percent interest rate and a repayment period of 10 years.

Shiyam said that the Maldivian fisheries industry has seen significant improvement this year compared to the two previous years. He provided assurance that the government make it a top priority to develop the industry.