By the end of July, Bank of Maldives (BML) has granted loans to 25 fishermen registered in the National Fisheries Registry.
An agreement was signed between the Bank of Maldives and the Ministry of Fisheries and Marine Resources on April 28 to facilitate easy access to finance for fishermen. Under this agreement, the bank started issuing loans to fishermen from May 1.
The Ministry of Fisheries stated that out of those registered in the National Fisheries Registry, BML has granted loans to 25 fishermen by the end of July.
Fishermen registered in the National Fisheries Registry now have the opportunity to easily access credit facilities for various purposes such as personal financing, credit cards, and home purchases, construction, and repairs, based on their income.
Under this arrangement, eligible fishermen can obtain personal financing up to MVR 300,000 without collateral or equity (self-contribution). The bank has also arranged flexible repayment options considering the seasonal changes in fisheries and their impact on income.
The current government is working on advancing and diversifying the Maldivian fishing industry. The government’s goal is to further expand the fishing industry and make it one of the largest revenue-generating industries for the Maldives.
