New Financing Scheme Aims to Boost Production of Value-Added Fish Products in Maldives

The Ministry of Fisheries and Ocean Resources, in collaboration with SME Digital, has launched a new Shariah-compliant financing scheme named 'Mahaa Manfa' to encourage the production and market introduction of value-added fish-based products. The scheme targets small and medium-sized enterprises (SMEs) in the fisheries sector, offering collateral-free financing ranging from MVR 50,000 to MVR 400,000. The initiative aims to support businesses involved in fish processing, particularly those engaged in activities like cooking and drying fish, to market their products more effectively. Financial assistance will be provided for setting up value-added facilities, packaging fish products, and implementing systems to reduce spoilage and ensure proper preservation. The financing offers a repayment period of up to seven years, including a six-month grace period, at an annual interest rate of 6 percent—the lowest available to fishermen in the Maldives. Applications for the 'Mahaa Manfa' scheme will open on December 13, 2025, via the SME Portal at www.smedigital.mv.