Over two dozen fishermen have secured financing from Bank of Maldives (BML) by the end of July, the Ministry of Fisheries and Ocean Resources has revealed.
BML had entered into a Memorandum of Understanding (MoU) with the Ministry to facilitate easy access to finance for fishermen on 28 April.
This collaboration will enable fishermen registered on the National Fishermen’s Register to access a variety of credit facilities, including personal financing, credit cards, and home loans, based on their income.
The Ministry said that by the end July, BML had disbursed loans to 25 fishermen registered in the national fishermen’s register since applications were opened on 1 May.
Under the new arrangement, eligible fishermen can access personal financing up to USD 19,455 without collateral or equity requirements.
For the first time in the Maldives, repayment schedules will be structured considering seasonal variations in fishing income.
In addition to personal financing, once registered on the National Fishermen’s Register, fishermen will also be able to apply for Home Build Financing, Home Purchase Financing and Home Construction Financing.
The incumbent government has initiated several initiatives to address the concerns of local fishermen.
The national fishermen's registry was established to promote financial inclusion and empowerment of local fishermen.