In a major push to revitalise the nation's vital fisheries sector, the government and SME Digital have unveiled two targeted financing schemes tailor-made for mariculture and fish processing.
The 'Mariculture Scheme' and the 'Maha Manfaa' scheme, both opening for applications on 13 December, aim to stimulate growth, create opportunities, and enhance value addition across the fisheries industry.
The newly launched Mariculture Scheme provides crucial financial support for individuals and businesses seeking to enter or expand within the mariculture sector. Specifically, the scheme offers loans for acquiring sea cages – essential infrastructure for fish and marine farming. Administered by SME Digital under concessional Islamic finance principles, the scheme finances up to 200 sea cages. Financial assistance ranges from USD 5,188 to USD 41,504, featuring a borrower-friendly six-year maximum repayment period, including an initial six-month grace period.
"The easy and convenient financial assistance for sea cages will be vital support for those involved in the mariculture sector," Badruddeen Hassan, CEO of SME Digital said.
Simultaneously, the 'Maha Manfaa' scheme, jointly introduced by the Ministry of Fisheries and Ocean Resources and SME Digital, targets small and medium enterprises (SMEs) involved in fish processing and marketing.
This Islamic Sharia-compliant scheme aims to incentivise increased production and market reach, particularly for value-added products like pre-cooked and dried fish. Special priority will be given to businesses involved in fish cooking, drying, packaging, storage, and establishing value-addition facilities across the country.
Maha Manfaa offers unsecured loans – requiring no collateral– ranging from USD 3,242 to USD 25,940. Funds can be used for purchasing equipment, facilities, and goods essential for fish processing. Beneficiaries benefit from an attractive six percent per annum interest rate and a generous maximum repayment term of seven years, including a six-month grace period.
"This financing is an important step towards further strengthening the fisheries industry and expanding the role of small businesses," Badruddeen said.
SME Digital positions both schemes as key components of broader national efforts to establish and develop the mariculture industry and enhance the overall fisheries sector in the Maldives. The initiatives build upon existing support provided over the past two years by the Ministry and SME Digital, including loans for general fisheries operations and the installation of Refrigerated Sea Water (RSW) systems on fishing vessels.