Minister of Foreign Affairs, Abdulla Shahid has revealed that the government is set to sign a USD 25 million (MVR375 million) grant agreement with the Kingdom of Saudi Arabia to promote the Maldives' fisheries sector.

The minister announced that the agreement will be signed next week, while speaking at Maldivian Democratic Party's (MDP) "Rahvehi Fathis" campaign event at Gahdhoo island of Gaaf Dhaal atoll.

Shahid stated that the grant from Saudi Arabia will be used to fulfill the administration's pledge to develop the country's fisheries sector.

The incumbent administration's pledges for the fisheries sector include establishing fish plants, setting up fish processing facilities to increase the value of fisheries products and addressing the long-standing issue of price discrepancies between fishermen.

Last year, the state made large-scale amendments to the Fisheries Law of the Maldives and put the new Fisheries Bill into effect. Amending the law passed in 1987 was the administration's first step towards fulfilling their pledges for the fisheries sector.

Objectives of the Maldives' Fisheries Bill include compiling a fisherman's registry to protect the rights of fisherman and ensure that they are granted social security and pension.

As such, amendments to the fisheries legislation include the ban of commercial fishing by unlicensed foreign vessels, the complete ban on line-fishing except for Maldivian nationals and establishing an off-shore fishing platform in addition to establishing a fisheries institute.