Government launches new financing scheme: Maha Manfaa
This Shariah-compliant facility is designed for small and medium-sized enterprises operating within the fisheries sector.
SME Digital
Ministry of Fisheries and Ocean Resources, in collaboration with SME Digital, has launched a new financing scheme named ‘Maha Manfaa’. This Shariah-compliant facility is designed for small and medium-sized enterprises operating within the fisheries sector, with the objective of encouraging increased production and market introduction of value-added fish-based products.
The primary objective of this scheme is to offer accessible and convenient financial assistance to small businesses operating within the fisheries sector. In particular, the program places strong emphasis on supporting individuals and enterprises engaged in fish processing, especially those involved in cooking and drying fish to enable them to market their products more effectively. The scheme will extend financial support to several key areas, including the establishment of essential facilities for value addition across various regions of the Maldives, the packaging of diverse fish-based products, and the implementation of healthy systems to minimize spoilage and ensure the efficient preservation of fish.
Under this initiative, collateral-free financing ranging from MVR 50,000 to MVR 400,000 will be made available for the purchase of equipment, tools, and related goods required for fish processing. To further support businesses, the scheme offers a repayment period of up to 7 years, including a 6 month grace period. This financing is provided at a financing rate of 6% per annum, currently the lowest rate offered to fishermen in the Maldives.
This initiative marks an important step toward further strengthening the Maldivian fisheries industry and expanding the role of small businesses within the sector. It is anticipated that this financing facility will support businesses in advancing value-added production using various fish varieties, enhancing productivity, and improving product quality. As broader efforts continue to advance the industry, this scheme is expected to increase earnings for Maldivian fishermen and stimulate growth in fisheries exports. Additionally, the facility will play an essential role in enhancing the visibility and competitiveness of Maldivian fisheries and fish products in international markets.
In addition to this new initiative, the Ministry of Fisheries and Ocean Resources and SME Digital have, over the past two years, collaborated to provide financial assistance to numerous beneficiaries, contributing to the growth of MSMEs within the reef fisheries sector.
Applications for Maha Manfaa Scheme will be open via the SME Portal at www.smedigital.mv starting from 13 December 2025.
