BML issues loans to 25 fishermen in the first three months

Under the agreement signed between Bank of Maldives (BML) and the Fisheries Ministry to facilitate easy access to finance for fishermen, loans have been issued to 25 fishermen within the first three months.

The agreement signed between BML and the Ministry on April 28 this year to facilitate loans for fishermen came into effect on May 1. Under this agreement, loans can be applied for by individuals registered in the national fishermen's registry.

The Fisheries Ministry stated that while BML began issuing loans to fishermen from May 1 in accordance with this agreement, loans were issued to 25 eligible applicants by the end of July.

With fishing designated as a profession and arrangements made for loan accessibility, this new arrangement allows fishermen to access various credit facilities such as personal financing, credit cards, and housing loans based on their income. Furthermore, eligible fishermen can receive personal financing up to MVR 300,000 without requiring collateral or equity.