The Ministry of Fisheries and Ocean Resources has stated that loans have been issued to 89 fishermen registered in the National Fishermen’s Registry.

Fishing was formally recognised as a profession on April 28 last year, allowing registered fishermen to access loans. The Bank of Maldives (BML) began issuing the loans from early May.

The ministry said that since the programme was launched, 89 fishermen listed in the registry have received loans through the BML's Masveriyaa Portal.

Fishermen registered in the National Fishermen’s Registry can access various credit facilities based on their income. These include personal financing, credit cards and housing loans.

Under the new arrangement, eligible fishermen can obtain personal financing of up to MVR 300,000 without the need for collateral or equity.

The ministry noted that the National Fishermen’s Registry plays an important role in enabling fishermen to access financial services. The registry provides formal documentation that allows banks and financial institutions to assess fishermen’s income and credit eligibility.