‘Maha Manfaa’ financing scheme launched to boost fish production

The Ministry of Fisheries and SME Digital have launched a new Shariah-compliant financing scheme, “Maha Manfaa”, aimed at supporting small and medium-sized enterprises in the fisheries sector and helping them expand production and marketing.

The scheme is designed to offer accessible financial support to small businesses engaged in fish processing. SME Digital said priority would be given to companies involved in fish preparation and drying, as well as those seeking funding for value-addition facilities, packaging and storage systems to reduce spoilage across the country.

Under the facility, businesses can access between MVR 50,000 and MVR 400,000 without collateral for the purchase of equipment, facilities and other goods required for fish processing.

A six-month grace period will be provided, with repayment periods of up to seven years. The financing rate is set at 6 percent per annum, which SME Digital says is the lowest currently available to fishers in the Maldives.

SME Digital’s CEO, Badhurudheen Hassan, said the scheme was an important step towards strengthening the fisheries industry and expanding opportunities for small businesses.

He said it would help improve productivity, enhance product quality and open new avenues for exporting Maldivian fish products.

The ministry and SME Digital have provided financial assistance to numerous small businesses in the fisheries sector over the past two years. Applications for the new scheme will be available on the SME Digital portal from next Saturday.