Expansion of MIFCO facilities to be financed through Indian credit line

Fishermen dock at Felivaru to weight their catch. (File Photo/Sun/Najah Masood)

Indian High Commission in Male’ announced on Tuesday that the India has approved the utilization of the USD 800 million line of credit extended to Maldives to finance the expansion of Maldives Industrial Fisheries Company (MIFCO)’s facilities.

The project is valued at approximately USD 18 million, involves the expansion of MIFCO’s facilities in Lh. Felivaru and G. A. Gemanafushi.

The project involves investments in fish collection and storage facilities and establishment of a tuna cooked loins plant and a fishmeal plant in the Felivaru Fisheries Complex, and the establishment of a 50 metric tonne ice plant in the Gemanafushi facility to increase ice storage capacity to 100 metric tonne.

The Indian High Commission, in a statement announcing approval for funding on the project, noted that fishing is deeply connection to the Maldivian way of life and a key economic driver, along with being a vital source of employment and livelihood amid the economic slowdown due to the coronavirus pandemic.

The Indian High Commission said it expects the MIFCO facilities expansion project to allow Maldives to access new markets, increase fish collection and storage capacity, increase efficiency of collection operations, upgrade ice plants, and create greater value addition and additional sources of income.

“The High Commission is privileged to partner with the Government and the people of the Maldives in the expansion of MIFCO’s facilities,” said the High Commission in its statement, adding that it expects the project to reinforce the partnership between Maldives and India.