IFAD in the Republic of Maldives
Since 1982 IFAD has approved US$15.7 million in loans and grants for five programmes and projects with a total cost of US$39.3 million. The most recent operation is the Fisheries and Agricultural Diversification Programme. The programme will work to create access to high-value niche markets for quality output through three franchise companies that are the fruit of a partnership between the government, IFAD and the private sector.
Two IFAD loans support the massive recovery and reconstruction effort that began after the tsunami at the end of 2004. The ongoing IFAD-funded Post Tsunami Agricultural and Fisheries Rehabilitation Programme addresses the long-term needs of communities, focusing on recovery and sustainable development in the two sectors.
Earlier projects financed by the organization shared the objective of improving the income and living conditions of poor islanders. Three projects are now closed. The first IFAD-funded operation in the country was the Second Fisheries Project, which provided funds for investment in fisheries infrastructure. The second, the Atolls Credit and Development Banking Project, established a development banking network for the outer atolls, initiating operations with the aim of improving economic and social development by diversifying production and achieving more equitable income distribution. The third, the Southern Atolls Development Project, created income-generating activities on a sustainable basis in the far-flung southern atolls and extended development banking facilities to the small, remote atolls.
IFAD’s strategy in Maldives
IFAD’s strategy in the Maldives is to reduce the vulnerability of households whose livelihoods depend on smallholder agriculture and Maldives fish processing. The aim is to develop smallholder agriculture value chains and the Maldives fish processing value chain through a market-driven commercialization and diversification strategy that contributes to improving and sustaining the incomes of smallholders and people engaged in fisheries and processing activities.
Source: IFAD
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