The Ministry of Fisheries has opened applications for the Aaruveri Matching Grant Scheme, offering businesses in the fisheries sector and related industries an opportunity to secure funding for development projects.

The scheme is implemented by the Maldivian government in partnership with the World Bank under the South West Indian Ocean Region and Maldives Project. Proposals are currently being accepted in five of the scheme’s seven priority areas.

These include fishing fleet decarbonization, circular economy development, mariculture development, fish processing and small and medium-sized enterprise development.

The fishing fleet decarbonization grant aims to reduce fuel consumption by introducing energy-efficient systems on fishing vessels. Meanwhile, the circular economy grant supports infrastructure development on uninhabited islands designated for agriculture and fisheries, as well as licensed agricultural businesses operating on inhabited islands.

The mariculture grant is designed to support individuals and companies entering or already operating in the mariculture industry. Another funding category aims to strengthen fish processing businesses, while the SME Development Grant focuses on increasing the value addition and diversification of fish products.

The Ministry has also stated that special consideration will be given to women- and youth-led businesses under the scheme.

Interested applicants can review the eligibility criteria and submit their proposals through the official Aaruveri portal. Applications must be submitted by 12 noon on 30 November, along with all required supporting documents. Incomplete applications may be rejected.

With a total budget of MVR 278 million, the grant scheme aims to strengthen the fisheries industry, improve energy efficiency, promote sustainable production and create a more supportive business environment for small and medium-sized enterprises.

Under the scheme, 40 per cent of the cost of approved projects will be provided as a grant, helping eligible businesses finance development and expansion.