Minister of Fisheries and Ocean Resources Ahmed Shiyam has announced the Transforming Fisheries Sector Management in the South West Indian Ocean Region and Maldives Project will significantly boost the fishing industry. He made the remarks during a ceremony inaugurating the information session workshops for the project, which is fully financed by the World Bank.
Speaking at the ceremony, Minister Shiyam emphasised that the project's primary aim is to enhance evidence-based fisheries management in the Southwest Indian Ocean region and to increase competition and efficiency among fishermen. He noted that this is the largest project ever initiated in the Maldivian fishing industry, thanks to the financial support of the World Bank.
Reflecting on the agreement signed in August 2023, Minister Shiyam highlighted the ongoing efforts to align the project with the new policies adopted by the current administration. He reiterated President Dr. Mohamed Muizzu's overarching goals of developing and enhancing the fishing sector, expressing confidence that the project will bring significant advancements to the industry.
The Transform Project, valued at USD 64.8 million, is set to be completed within a seven-year timeframe. The Indian Ocean Commission will contribute USD 12 million towards this endeavor, while the Maldives will contribute USD 52.8 million, half of which will be provided at no cost.
The project will be carried out in three main phases. The first phase involves conducting research to enhance and develop the fishing industry in the Southwest Indian Ocean region. The second phase focuses on augmenting the utilisation of scientific knowledge and strengthening regional capacity for fisheries management. The third phase aims to assist the Maldives as a catalyst, promoting and increasing competitiveness within the industry. As part of this effort, matching grants will be provided as financial assistance to small and medium enterprises in the industry.