The Ministry of Fisheries and Ocean Resources has announced that a team from the World Bank will be visiting the Maldives in November, to create a plan to observe the works pertaining to sustainable fishing in the Maldives and areas in which financial assistance can be provided.
The ministry stated that discussions have been ongoing with relevant authorities, to further develop and enhance the fisheries sector. As such, Minister of Fisheries and Ocean Resources Ahmed Shiyam has held discussions with the World Bank’s Singapore-based Practice Manager for Environment, Natural Resources and Blue Economy in East Asia and the Pacific Region Ann Jeannette (AJ) Glauber. The discussions primarily focused on the fields in which the World Bank can provide financial assistance to the Maldives.
During the discussions, Minister Shiyam shed light on the progress of the World Bank-funded TRANSFORM project and explored how the World Bank can further support the development of the Maldives' fisheries sector. Key topics included innovative solutions to enhance the sector and finding ways to capitalise on the Maldives' sustainability efforts. The minister stated that the 65% of the unprocessed fishes purchased by the Maldives Industrial Fisheries Company Limited (MIFCO) were exported, revealing the governments' target to reducing this amount, by increasing the amount of processed fish.
Furthermore, Minister Shiyam disclosed that efforts are underway to establish fish processing factories, in three regions across the Maldives. The minister reiterated President Dr. Mohamed Muizzu's efforts of ensuring that at least 35% of expenses incurred for importing oil used by companies, are changed to renewable energy sources.
The ministry stated that the World Bank can provide financial assistance in areas such as environment and women empowerment, which are linked to the fisheries sector and sustainability of the field. As such, it disclosed that a team from the World Bank will be visiting the Maldives in November, to create a plan to observe the works pertaining to sustainable fishing and areas in which financial assistance can be provided.
Additionally, the ministry held discussions with the International Fund for Agriculture Development (IFAD). The discussions centred on teh areas in which IFAD can provide financial assistance to support the development of the Maldives' fisheries sector. Minister Shiyam shared President Dr. Muizzu's vision for fisheries development, particularly focusing on the mariculture sector, as well as the works undertaken by the ministry to achieve this goal. The minister also emphasised the important role of women in small-scale fish processing and highlighted the need for further improvements in the industry.