Fisheries Ministry Launches USD 18 Million 'Aaruveri' Grant to Boost Private Sector

The Ministry of Fisheries, Agriculture and Ocean Resources has launched the 'Aaruveri' Matching Grant Scheme, allocating USD 18 million to modernize the Maldives' fisheries industry. The initiative, introduced by Minister Ahmed Shiyam, aims to bridge the financial gap for small and medium-sized enterprises (SMEs), independent fishermen, and private companies seeking to expand their operations. Implemented under the World Bank-supported 'TransFORM' project, the scheme is designed to strengthen the financial resilience of the sector. The grant specifically targets seven priority areas: the establishment of fish feed production factories, energy-efficient upgrades for processing facilities and fishing vessels, mariculture development, value-addition activities for SMEs, and urban development on ministry-designated islands. Speaking at the launch ceremony held at the Manhattan Business School, Minister Ahmed Shiyam highlighted that limited access to finance has long been a primary obstacle for industry growth. He noted that the scheme provides a critical entry point for new investors and a scaling opportunity for existing small-scale factories that previously lacked the capital to expand. Under the matching grant structure, the government will cover 40 percent of the cost of approved projects as a non-repayable grant, while the applicant is responsible for the remaining 60 percent. This model is intended to incentivize private investment while reducing the overall financial risk for local entrepreneurs. Beyond financial support, the Aaruveri scheme focuses on sustainability. Key objectives include the integration of renewable energy within the industry, the promotion of sustainable production practices, and the creation of specialized employment opportunities for women and youth. This initiative aligns with President Dr. Mohamed Muizzu's administration policy to enhance the competitiveness and productivity of the private fisheries sector. By fostering a more robust business environment, the government aims to ensure the long-term sustainability of the nation's primary industry. Interested applicants and businesses can find detailed eligibility criteria and the application portal at aaruveri.fishagriocean.gov.mv.