Fishermen in the Maldives have received a total of MVR 15 million in loans as of October 20, with the government expanding access to financial support for those working in the fisheries sector.

The Ministry of Fisheries said the loans are being provided through a programme implemented in collaboration with the Bank of Maldives (BML), which began in May last year.

According to the ministry, 119 fishermen have received loans under the programme to date.

The initiative is facilitated through the Fishermen’s Portal, an online platform designed to make financial services more accessible to fishermen across the country. Through the portal, applicants can apply for financing online without having to visit a BML branch.

The government’s newly established National Fishermen’s Register is also intended to improve the identification of fishermen and make it easier for them to access financial services.

The financing programme offers various Islamic finance options to support a range of personal and business needs. These include home construction and renovation, purchasing and upgrading fishing equipment, and financing higher education for fishermen’s children.

Eligible applicants can also seek financing to build, purchase or repair fishing vessels, as well as invest in guesthouse businesses.

The initiative aims to widen access to financing and provide fishermen with opportunities to improve their livelihoods, strengthen their fishing operations and invest in additional sources of income.