Mariculture Scheme Launched to Provide Financing for Sea Cage Purchases

A new Mariculture Scheme aimed at strengthening and expanding mariculture operations in the Maldives was launched today through a collaboration between the Ministry of Fisheries and Ocean Resources and SME Digital. The scheme is designed to provide financial assistance specifically for the purchase of sea cages, a critical input for mariculture activities, while encouraging both existing operators and new entrants to invest in the growing sector.

The initiative seeks to remove one of the major barriers facing mariculture development by easing access to essential infrastructure. With financing support for sea cages, existing businesses are expected to scale up production, while entrepreneurs interested in entering the industry will be able to establish operations with greater financial confidence. The scheme is expected to play a key role in positioning mariculture as an emerging and sustainable industry within the Maldives’ fisheries sector.

Under the scheme, the Ministry of Fisheries and Ocean Resources will facilitate the provision of sea cages, while SME Digital will offer financial assistance based on simplified Islamic financing principles. This approach ensures that financing remains accessible, flexible, and Shariah-compliant, aligning with national financial practices and catering to a wider range of applicants.

A total of 200 sea cages will be financed under the scheme, with facility amounts ranging from MVR 80,000 to MVR 640,000. Beneficiaries will have access to repayment periods of up to six years, including a six-month grace period, allowing sufficient time for operations to stabilize and generate returns. The long-term structure is intended to support sustainable growth while reducing immediate financial pressure on businesses.

Commenting on the launch, SME Digital CEO Badhurudheen Hassan said the scheme represents a significant milestone in advancing the mariculture industry nationwide. He noted that the accessible and flexible financing arrangement is expected to support both new ventures and the expansion of existing businesses, while the extended repayment period will provide relief and enable sustainable growth. He added that the initiative is expected to contribute to the establishment, expansion, and long-term development of mariculture activities across the Maldives.

Applications for the Mariculture Scheme will open on December 13, 2025, and will be available through the SME Portal at www.smedigital.mv.