The Bank of Maldives has sanctioned loans to 25 fishermen on the National Fishermen’s Register as of the end of July.

This initiative follows a Memorandum of Understanding signed on 28 April between the Bank and the Ministry of Fisheries and Ocean Resources.

In accordance with the agreement, loan disbursement commenced on 1 May. Ministry officials indicated that fishermen listed in the National Fishermen’s Register are now eligible for credit facilities for various purposes. These include personal financing, credit cards, and the purchase, construction and repair of homes.

Under the scheme, eligible fishermen may access personal financing of up to MVR 300,000 without the requirement of a mortgage or equity. Repayment terms are arranged according to income levels, taking into consideration seasonal variations in fishing activity.

The Government has confirmed that it is advancing several initiatives to support the fisheries sector in the Maldives. It aims to expand the industry and consolidate its position as one of the nation’s highest-earning sectors.