The Ministry of Fisheries and Ocean Resources has announced that Bank of Maldives (BML) has issued loans to 49 fishermen as of 9 November, under the financing scheme linked to the National Fishermen's Register.

The initiative, launched shortly after the current Administration took office, aims to ensure fishermen receive greater access to financial services and end what the Government describes as longstanding neglect by the previous administration.

The loan scheme was formalised through an agreement signed between the Ministry and BML on 28 April 2025, with lending beginning on 1 May. The Ministry stated that only fishermen registered in the National Fisheries Register are eligible, enabling them to secure credit facilities more easily for personal financing, credit cards, and costs related to purchases, construction and vessel renovation.

Under the arrangement, eligible fishermen can access up to MVR 300,000 in personal financing without collateral, equity, or personal guarantees, with BML offering flexible repayment plans that account for seasonal variations in fishing income. The Government emphasises that the initiative is part of efforts to strengthen and expand the fisheries sector, which it aims to develop into one of the country’s highest-earning industries.