SME Development Finance Corporation has announced that loans worth MVR 480,000 have been disbursed under the Government’s Mariculture Scheme aimed at supporting the expansion of the fisheries and aquaculture sector.

According to statistics released by SME Development Finance Corporation, financing issued under the scheme as of April 15 includes loan assistance ranging from MVR 80,000 to MVR 640,000. The facility also provides a repayment period of up to six years, including a six-month grace period.

The scheme is intended to support individuals seeking to enter the mariculture sector, while also assisting existing operators to expand their activities. Authorities noted that the initiative is expected to encourage new investment opportunities within the fisheries industry and contribute to broader economic diversification efforts.

The Government has identified five areas across the Maldives for mariculture development, including regions in Haa Alifu Atoll, Raa Atoll, Meemu Atoll and Thaa Atoll. In addition, a lagoon located approximately two kilometres from Maniyafushi has also been allocated for industry-related activities.

The Government has been undertaking efforts to expand the use of marine resources as part of its wider economic agenda, with President Dr Mohamed Muizzu previously highlighting the importance of developing mariculture into a profitable sector for Maldivians. The Ministry of Fisheries and Ocean Resources has also been conducting training programmes to strengthen capacity within the field.