The Islamic Development Bank (ISDB) has decided to provide financial assistance for projects that MIFCO has planned to implement in various parts of the Maldives. MIFCO has applied for a loan of $64.64 million, or 996 million rufiyaa. ISDB has decided to grant this loan to the Maldives and has signed an agreement with the Ministry of Finance.
Under the Maldives Fish Sector Capacity Strengthening Project, seven tasks are planned to be carried out. These include establishing a 500-metric ton cold storage and 50-metric ton brine freezing capacity at the Ihavandhoo and Addu Fisheries Complex, and developing a fish canning factory in Hulhumale.
It has also been decided to conduct training programs for MIFCO staff and make changes to successfully implement the projects. MIFCO has now opened opportunities for bidding on these projects. The bidding has been opened under ISDB’s International Competitive Bidding procedure.
The government is working on many initiatives to advance the fishing industry in the Maldives. The Ministry of Fisheries has stated that many infrastructure development projects in the fisheries sector will progress this year. The government says that an agreement to develop a fish factory in GDh. Fiyoree will be signed next month, with practical work beginning within about two months. This project will develop a fish canning factory with a capacity of 100 tons and a 3000-ton cold storage facility. The government has also stated that the factory will have a 100-ton fish meal plant and a 50-ton ice plant.
Additionally, the government has announced that work to add an extra 4000 tons to Kooddoo’s cold storage will begin soon. The current cold storage capacity in the Maldives is 8500 tons. The President’s campaign promise was to double the current capacity. The current goal is to triple it, bringing the total capacity to 25,000 tons, as previously stated by the Minister of Fisheries and Marine Resources, Ahmed Shiyam.
The government’s aim is to increase the total fish storage capacity of the Maldives by an additional 15,500 tons during this term, bringing the total capacity to 25,000 tons.
