Government Allocates MVR 156 Million to Boost Fisheries Sector

The Maldives government has announced a financial assistance package of MVR 156 million to support the fishing industry and expand fish product development. Minister of Fisheries and Ocean Resources, Ahmed Shiyam, made the announcement during a Parliament session on Tuesday while responding to a query from Kendhoo constituency’s MP regarding income generation opportunities for fish processing businesses.

According to Minister Shiyam, the initiative includes MVR 128 million in aid from the World Bank and an additional MVR 27.7 million allocated for small and medium enterprises (SMEs) engaged in fish-related businesses such as cooking and drying.

"Under this government, USD 8.3 million has been arranged with World Bank assistance for private companies to introduce new products to the market and develop profitable products from fish waste," Shiyam stated.

The Minister highlighted that one of the first actions taken by the current administration was to adjust fish prices in line with global market rates, ensuring better access to raw materials for fish processors. As part of the financial support program, the government will provide grants covering 40% of the total cost of submitted projects.

Shiyam further noted that the Ministry is finalizing the guidelines for funding applications and will soon open the program for applications. The initiative is expected to enhance value addition in the fisheries sector and create more economic opportunities for local businesses.