Government Launches Aaruveri Grant to Empower Fisheries Sector through Private Investment

The Maldivian government has launched the “Aaruveri” Matching Grant Scheme, a strategic financial initiative designed to empower stakeholders and modernize the nation's fisheries industry. Speaking at the official launch, Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam emphasized that solving the sector's contemporary challenges requires a collaborative approach between the state and private industry. Minister Shiyam stated that while the government has prioritized fisheries since taking office, state intervention alone is insufficient to address the evolving needs of the sector. He highlighted that the industry, while historically sustainable, now faces modern obstacles that necessitate significant financial investment and a more empowered workforce to overcome. According to the Minister, the administration's vision, led by President Dr. Mohamed Muizzu, focuses on creating a conducive environment for private companies to innovate and grow. By fostering a system where individuals and the private sector can thrive, the government aims to build a more resilient and self-sufficient industry. The Aaruveri scheme is being implemented as part of the TransFORM project, a joint effort by the Ministry of Fisheries, Agriculture and Ocean Resources and the World Bank. The program provides critical financial assistance across seven key areas, with a primary focus on advancing sustainable production and increasing the financial strength of fisheries businesses. Key objectives of the grant include promoting energy efficiency and supporting the growth of small and medium-sized enterprises (SMEs). Furthermore, the scheme seeks to develop mariculture as a profitable venture and enhance the production of high-value, added fish products to increase market competitiveness. Beyond technical improvements, the initiative is designed to be inclusive. The government aims to create expanded business and employment opportunities specifically for women and young people, ensuring that the modernization of the fisheries sector benefits a diverse range of Maldivian citizens.