Govt plans loans to market fish products
The minister stated that $8.3 million (MVR 128 million) has been allocated for the programme.
Fisheries Minister Ahmed Shiyam announced Tuesday that the World Bank will launch a programme to support private companies in the fisheries industry by encouraging them to market their own products and utilise discarded fish parts for profitable production.
Responding to a question from MDP MP Mauroof Zakir in parliament, the minister stated that $8.3 million (MVR 128 million) has been allocated for the programme. Of this, $1.8 million (MVR 27.7 million) will be directed towards small and medium enterprises to facilitate fish product production and marketing.
Under the initiative, 40% of the total cost of eligible projects will be provided as financial assistance. The ministry is in the process of finalising the application criteria, after which applications will be opened.
The minister also stated that discussions have begun with the Maldives Islamic Bank to streamline the distribution of fish from the ministry’s revolving fund to dryers and sellers. The government will continue to support fish dryers and has introduced financial facilities to assist fishermen in expanding their businesses.
The programme includes a loan scheme offering up to MVR 700,000 without collateral for a period of 10 years at a 5% interest rate. A total of MVR 32 million has been allocated for this initiative, with 62 individuals qualifying for the facility.
