Fisheries Minister and World Bank discuss TRANSFORM Project, mariculture investment

Minister of Fisheries and Ocean Resources Ahmed Shiyam met with World Bank Country Manager for the Maldives and Sri Lanka, Gevorg Sargsyan, to discuss the ongoing World Bank-supported TRANSFORM Project.

The meeting focused on strengthening the delivery and implementation of project activities. Both sides also explored potential fisheries sector investments to expand mariculture and enhance the cold chain for fish storage and handling.

The discussions reaffirmed a shared commitment to advancing sustainable fisheries development and supporting long-term economic growth in the Maldives.

The TRANSFORM Project (short for Transforming Fisheries Sector Management in the South-West Indian Ocean Region and Maldives) is a World Bank-funded initiative that aims to strengthen regional fisheries management in the South-West Indian Ocean region and improve the competitiveness of the fisheries sector in the Maldives. The World Bank's Board of Executive Directors approved 64.8 million US dollars in financing for the project in May 2023. Of that total, 52.8 million US dollars was allocated to the Maldives.

The project aims to improve fisheries management in the region and strengthen regional collaboration through shared knowledge, data and research to support evidence-based decision-making, improved stock assessments, and targeted capacity development. It also supports improved biosecurity systems, decarbonization, and enhanced competitiveness and private sector participation in the fisheries sector.

The project is implemented by the regional Indian Ocean Commission alongside the Maldives fisheries ministry. Shiyam took charge of the ministry, now known as the Ministry of Fisheries and Ocean Resources, in November 2023.

Mariculture, the farming of marine species such as fish, shellfish, and seaweed, has been identified in past World Bank statements as an area for growth alongside the country's tourism-dependent economy. The ministry and the World Bank did not release further details on the scope or timeline of the potential new investments discussed at the meeting.