"Aaruveri’ Grant Formatted for Maximum Financial Relief to Businesses and Individuals: Minister Shiyam

The "Aaruveri" Matching Grant Scheme has been specifically restructured to deliver maximum financial relief and viable support to individual fishers and private enterprises, Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam announced today.

Speaking at the official launch of the MVR 278 million financing scheme—supported by the World Bank under the TransFORM project—the Minister revealed that the grant structure underwent nearly two years of extensive discussions with the World Bank to make it more favorable to local stakeholders. While the initial framework proposed a 30% grant and 70% private equity model, the government successfully renegotiated the terms to provide a 40% non-repayable grant, lowering the private contribution to 60%.

"Regardless of how lengthy our discussions with the World Bank were, our goal was to implement this in the most beneficial manner for the beneficiaries. Initially, it was set at a 30/70 split—30% as grant and 70% to be secured by investors. However, we worked to revise it to 40/60. By the grace of Allah, through our collective efforts, we successfully shifted it to a 40/60 ratio. This will undoubtedly bring the greatest benefit to private individuals and commercial companies."

— Minister Ahmed Shiyam

The Minister stated that the scheme's seven distinct investment windows were crafted to encompass the entire fisheries sector and ocean resource economy—ranging from vessel upgrades and processing facilities to emerging sectors like mariculture and seaweed cultivation. He underscored that the program's practical structure directly reflects ground-level inputs collected from local communities and industry operators.

"When designing a scheme or facility of this nature, the most critical insights come directly from the stakeholders. We are able to design government initiatives in such a favorable manner because of their constructive vision and cooperation towards developing the Maldivian fisheries sector."

— Minister Ahmed Shiyam

Concluding his remarks, Minister Shiyam expressed sincere gratitude to President Dr. Mohamed Muizzu for his strategic direction and close engagement in aligning the sector's structure to benefit all industry participants. He also extended appreciation to the Ministry of Finance—especially acknowledging State Minister for his close collaboration—as well as the TransFORM project management team for their extensive community-level outreach across the islands.