MVR 14.5M disbursed in loans to fishermen in four months

The Ministry of Fisheries, Agriculture and Ocean Resources has states MVR 14.5 million in loans have been disbursed to 113 fishermen as of the end of August.

According to the Ministry, the loans are being facilitated through the ‘Masveriya Portal’, an online platform established to enable eligible fishermen registered in the National Register of Fishermen to apply for various Islamic financing schemes.

As part of efforts to facilitate and streamline access to financing for fishermen, the Bank of Maldives (BML) and the Fisheries Ministry entered into an agreement in April last year, with loan disbursements commencing in May. The Ministry stated that the portal allows fishermen to submit applications for the financing schemes remotely, at any time and from any location, without the requirement to visit a BML branch.

Through the Masveriya Portal, fishermen can apply for financing for home construction and renovation, the purchase and upgrading of fishing equipment, and higher education opportunities for their children. The portal also provides financing options for vessel construction, procurement and maintenance, as well as investment in guesthouse-related businesses.

The current administration, citing its commitment to addressing what it described as the previous neglect of the fishing community, has undertaken the establishment of a National Register of Fishermen. The Ministry stated that substantial efforts are being made to ensure that fishermen receive formal recognition from the state in a manner comparable to professionals in other sectors.

Expanding access to financing facilities for fishermen constitutes one of President Dr Mohamed Muizzu’s key presidential pledges. In accordance with this commitment, the administration has also introduced a mechanism intended to ensure that fishermen receive payment within 48 hours of their catch being weighed.

Statistics released by MIFCO indicate that April recorded the highest volume of fish weighed and the largest disbursement to fishermen thus far this year, with 4,414 tonnes of fish processed and MVR 78.8 million paid to fishermen. In contrast, June recorded the lowest level of fishing productivity during the year.