Loans issued to 14 fishermen in the national fishermen's registry

The Fisheries Ministry has stated that loans have been issued so far to 14 fishermen registered in the national fishermen's registry.

The Fisheries Ministry said that while the Bank of Maldives (BML) began issuing loans to those registered in the national fisheries registry starting May 1, a total of 38 fishermen have applied for loans so far. Out of these, loans have been issued to 14 fishermen to date, while 8 applications are currently in the processing stage, the Fisheries Ministry stated.

Fishing was designated as an employment category and the pathway to obtain loans was facilitated on April 28. Under this new arrangement, based on their income, they will have the opportunity to access various credit facilities such as personal financing, credit cards, and housing loans, the Ministry said at the time. Furthermore, eligible fishermen will be able to receive personal financing up to 300,000 Rufiyaa without the need for collateral or equity.

The Fisheries Ministry has stated that registering fishermen is one of the biggest efforts being undertaken by the government to systematically ensure that fishermen receive financial assistance provided by institutions, banks, and financial organizations. The national fishermen's registry was launched in February of last year.