The Ministry of Fisheries and Ocean Resources revealed that, as of 9 November, 49 fishermen have received loans through the Bank of Maldives (BML) under a new finance programme designed to strengthen the fishing workforce and integrate it into the country’s formal professional framework.
The announcement marks a milestone in the administration’s pledge to recognise fishermen as a state‑acknowledged professional group, reversing what officials described as neglect by previous governments.
President Dr Mohamed Muizzu, upon assuming office, prioritised the creation of a national register of fishermen. The register, together with the financial framework now in place, is designed to ensure that fishermen are formally recognised and granted access to loans and other essential services.
To enable credit access, the Fisheries Ministry signed an agreement with BML on 28 April. Loan disbursements began on 1 May, with the ministry confirming that all 49 recipients are registered in the national database of fishermen.
The initiative provides fishermen listed in the national register with access to a range of credit facilities tailored to their income levels. These include personal financing, credit cards, and housing loans for purchasing, construction, or repairs.
The policy also removes longstanding barriers to credit. Registered fishermen may now obtain personal financing of up to USD 19,459.46 without collateral or personal equity. Recognising the volatility of the fishing industry, BML has introduced repayment mechanisms designed to accommodate seasonal fluctuations in income.
Officials have underscored that the initiative is integral to the government’s broader economic strategy. The administration has articulated its ambition to expand and diversify the fishing sector, positioning it as one of the country’s largest income‑generating industries.