FISHERIES

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The Fisheries Project for Maldives will mechanize traditional fishing vessels, implement a frozen fish export scheme, develop offshore resources, and institute a technical assistance program. Fishing is the main industry of the Maldivian economy. It is the principal source of cash income for people living outside the capital city of Male. Eighty percent of the male Maldivian work force of 44,000 is directly or indirectly engaged in fisheries. Fish exports are the principal source of foreign exchange. However, Maldivian fisheries depend heavily on imports of machinery and other equipment to run its industry. As a result, the country is extremely dependent on imports and not very self sufficient. The Fisheries Project will help to alleviate this dependency by increasing production and improving the safety and efficiency of fishing operations and marine transport. Its components are: 1) credit to fishermen for the motorization of 500 sailing vessels; 2) five maintenance and repair centers for mechanized fishing vessels; 3) installation of ten navigation lights, twenty reef marker buoys, one hundred reef entrance markers and twenty fishing ground marker buoys; 4) implementation of technical services; and 5) implementation of technical assistance comprising: a) training of fishermen, b) development of improved vessel designs, and c) preparation of a feasibility study for a follow up investment project.