The Ministry of Fisheries today opened applications for a scheme offering a 40 percent grant via the World Bank for various fisheries-related projects.
According to the Ministry of Fisheries' website, the "Aaruveri Matching Grant" scheme under the World Bank-assisted TRANSFORM Project was officially launched today to advance the Maldivian fisheries industry and empower stakeholders active in the sector.
The scheme was inaugurated by Minister of Fisheries Ahmed Shiyam at a special ceremony held for the occasion.
The Ministry stated that the scheme, designed with a total budget of MVR 278 million, represents one of the most significant steps taken to date toward advancing and financially empowering the fishing industry. Prioritizing seven specialized areas under the scheme, the Ministry noted that 40 percent of costs for approved project applications will be covered as a grant.
The main objectives of the scheme include:
- Reducing energy expenditure in the fishing industry
- Promoting sustainable production practices
- Establishing a favorable environment for small and medium-sized enterprises
- Developing mariculture as a profitable industry
- Establishing systems necessary to increase value-added fish products
- Facilitating business and employment opportunities for women and youth
The Ministry announced that a dedicated portal providing comprehensive information on the scheme, details of its priority areas, and an easy application process is now open to the public at aaruveri.fishagriocean.gov.mv.
Ensuring the sustainability and competitiveness of private companies, small and medium enterprises, fishermen, and individual business entities operating in the fishing industry, while enhancing overall industry productivity, remains a core policy of President Dr. Mohamed Muizzu. The Ministry stated that this scheme serves as a crucial foundation for implementing these policies.
According to the Ministry, the initiative is carried out under the "Transforming Fisheries Management in South-West Indian Ocean Region and Maldives" (TRANSFORM Project), implemented jointly by the Ministry and the World Bank.
The objective of the TRANSFORM Project is to strengthen evidence-based fisheries management across the South-West Indian Ocean region and enhance the competitiveness and resilience of the Maldivian fisheries industry. Launched in 2023, the USD 64.8 million project is scheduled for full completion in 2030, the Ministry stated.
