A mariculture scheme has been introduced to provide financing for purchasing sea cages for those interested in starting mariculture businesses.
In order to develop and advance mariculture as a distinct industry in the Maldives, applications for this facility—introduced as financial assistance provided jointly by the Ministry of Fisheries and Ocean Resources and SME Digital—will open on December 13.
Under this facility, which is targeted at individuals active in the mariculture sector and those wishing to enter the field anew, financing will be provided from 80,000 Rufiyaa up to 640,000 Rufiyaa. SME Digital stated that the financing includes a 6-month grace period, and a maximum period of 6 years will be given to repay the facility.
SME Digital also mentioned that 200 sea cages are scheduled to be financed under this facility.
Regarding this facility, the CEO of SME Digital, Badrudheen Hassan, said that establishing an arrangement to easily and conveniently obtain financing for sea cages, to give an additional boost to the efforts being made to develop and advance mariculture as an industry, is a very important financial assistance for those active in this field. He also expressed hope that utilizing this financing will provide extra encouragement for those wishing to start new mariculture businesses or further expand existing ones.
"The arrangement to repay the money in installments over a long period is also something that will benefit many people. Our wish is that due to such favorable opportunities, the mariculture industry will be strengthened, further advanced, and developed," Badrudheen Hassan said.
Developing mariculture as a distinct industry to increase the benefits of marine resources is an aim of President Dr. Mohamed Muizzu. Under this effort, to establish mariculture businesses, build hatcheries, and grow hatchery-produced species in the marine environment, 5 areas have been designated as mariculture development zones, open to the public including foreign investments. Furthermore, as part of the work being done by the Fisheries Ministry to develop this industry to a modern standard, a Memorandum of Understanding has been signed with Hongdong Fishery Corporation, a notable company in China's mariculture sector.
