New fisheries grant scheme launched

The ‘Aaruveri Matching Grant’ scheme has been officially launched.

The scheme, introduced under the World Bank-funded TRANSFORM Project, was inaugurated by Fisheries Minister Ahmed Shiyam during a special ceremony held on Thursday.

According to the Fisheries Ministry, with a total budget of MVR 278 million, the grant scheme marks a significant step towards strengthening and financially empowering the fisheries industry. The scheme focuses on seven key areas and provides a non-reimbursable grant equivalent to 40 percent of the total project cost for approved proposals.

A dedicated portal has been opened to the public, providing detailed information on the scheme’s focus areas and facilitating a streamlined application process.

According to the Ministry, the scheme’s primary objectives include improving energy efficiency within the fisheries sector, promoting sustainable production practices, and creating a supportive environment for small and medium-sized enterprises (SMEs). It also aims to develop mariculture as a profitable industry, establish systems for value-added fish production, and generate business and employment opportunities for women and youth.

Fisheries Ministry highlighted that promoting the sustainability, competitiveness, and overall productivity of private companies, SMEs, and individual fishers is a key policy of President Dr. Mohamed Muizzu’s administration. The Ministry noted that the grant scheme will serve as an important foundation for implementing these policies.

The initiative is being implemented under the "Transforming Fisheries Management in the South-West Indian Ocean Region and Maldives" (TRANSFORM) project, supported by the World Bank. The project aims to strengthen evidence-based fisheries management across the South-West Indian Ocean region while enhancing the competitiveness and resilience of the Maldivian fisheries industry.

The project, valued at USD 64.8 million, commenced in 2023 and is scheduled for completion in 2030.