Kooddoo Fisheries to take $4 million loan to establish cold storage and ice plant in Addu

Kooddoo Fisheries Maldives has decided to take a loan of $4 million (MVR 61.6 million) from Bank of Maldives Limited (BML) to establish an ice plant and a cold storage in Seenu Hithadhoo.

Managing Director of Kooddoo Fisheries Maldives Mohamed Mutthalib told Sun Online today that the cost of establishing the 1,000-ton cold storage and 100-ton ice plant in the reclaimed area in Hithadhoo is estimated to be $6 million. He said that out of this, $2 million will be spent by the company.

“The bank has assured that the loan will be granted. After we get the loan, we hope to start work within the next two months. The project will be completed in March 2014,” he said.

He said that the technical drawing and the detail drawing are being prepared for the cold storage, and the project will be opened for international bidding soon.

“For the ice plant, we have already received bids following an announcement inviting submission of bids. We will decide on a group to carry out that work soon,” he said.

The area reclaimed in Hithadhoo in 2007 has been leased to Kooddoo Fisheries for 15 years for the establishment of a cold storage and an ice plant, by the Ministry of Fisheries and Agriculture.

A ceremony was held in Seenu Gan last Sunday to sign the agreement to lease the reclaimed area to Kooddoo Fisheries.