The Ministry of Fisheries, Agriculture and Ocean Resources said on Wednesday, 21 October, that 119 fishermen in the Maldives had received a total of MVR 15 million in loans from Bank of Maldives (BML) by 20 October, under a financing partnership between the ministry and the state-owned bank.

The ministry said the loans became possible after the government created a national fishermen's register, which formally recognises fishermen as a profession and makes it easier for those registered to get financing from banks and other financial institutions.

How the scheme works

The ministry and BML signed an agreement in April 2025, and the bank began issuing loans the following month. Applications are made online through BML's Masveriyaa portal, which is open to eligible fishermen listed on the national register and offers Islamic financing schemes.

According to the ministry, fishermen can apply through the portal for financing to:

  • build or repair homes
  • buy or replace fishing equipment
  • pay for their children's higher education
  • build, buy or repair fishing vessels
  • invest in guesthouse businesses

The ministry said fishermen can apply from anywhere and at any time, without having to visit a BML branch.

Up to MVR 300,000 without collateral

When it launched the portal, BML said it offers fishermen a financing facility of up to MVR 300,000 with no requirement for collateral or equity, with repayment schedules structured around seasonal changes in fishing income.

Six more fishermen since August

In August, the ministry said MVR 14.5 million had been disbursed to 113 fishermen. Wednesday's figures mean six more fishermen and about MVR 0.5 million in additional lending since then.

The scheme is one of several government measures aimed at the fisheries sector, which also include a deal to build ice plants on 11 islands.

What was not disclosed

The ministry did not say how the MVR 15 million is split between housing, vessel, education and business loans, how many applications have been received, or how many have been turned down or are still pending.