Minister of Fisheries and Ocean Resources, Ahmed Shiyam, on Thursday met with Ann Jeannette Glauber, the World Bank’s Practice Manager for Environment, Natural Resources, and Blue Economy in East Asia and the Pacific, to discuss potential financial support for the Maldives’ fisheries sector.
The discussions focused on identifying areas where the World Bank can provide assistance to enhance the sector. Minister Shiyam highlighted the progress of the World Bank-funded TRANSFORM project and explored additional avenues for collaboration to support sustainable development in fisheries. He noted that currently, 65% of the unprocessed fish purchased by the Maldives Industrial Fisheries Company Limited (MIFCO) are exported, indicating a government objective to reduce this figure by increasing the production of processed fish.
In line with this goal, efforts are underway to establish fish processing factories in three regions across the Maldives. Minister Shiyam reiterated President Dr. Mohamed Muizzu’s commitment to shifting at least 35% of the oil expenses incurred by companies to renewable energy sources.
The ministry stated that the World Bank could offer financial assistance in various areas, including environmental sustainability and women’s empowerment, both of which are integral to the fisheries sector. A World Bank team is scheduled to visit the Maldives in November to assess sustainable fishing practices and identify further financial support opportunities.
Additionally, the ministry engaged in discussions with the International Fund for Agricultural Development (IFAD) to explore financial assistance aimed at advancing the fisheries sector. Minister Shiyam shared President Dr. Muizzu’s vision for developing mariculture and emphasised the crucial role women play in small-scale fish processing, underscoring the need for improvements within the industry.
