Development of Saudi-funded 4,000-ton cold storage at Kooddoo contracted

An Indian company has been contracted to develop an additional 4,000-ton cold storage facility at GA. Kooddoo in a project that is being implemented with assistance from Saud Arabian government.

Speaking at a ceremony held at the President’s Office on Thursday, Fisheries Ministry said Maldives presently has a capacity of 8,500-ton cold storage which the current administration aims to triple by increasing the capacity to 25,000-ton.

As part of these efforts, an agreement was executed between Fisheries Ministry and India’s Lucky Global Projects Private Limited on Thursday to develop an additional 4,000-ton cold storage facility in Koodooo.

The agreement was signed by Fisheries Minister Ahmed Shiyam and Managing Director Aashish Oberai on behalf of the company.

Fisheries Ministry said the USD 6.65 million project is funded under grant assistance from Saudi Development Fund (SDF) was contracted to be completed within one year.

At Thursday’s ceremony, the government also presented award letters to individuals who received funding under an Islamic Development Bank (IsDB) financing facility to install RSW systems (temporary freezing systems) aboard vessels.

35 percent of items procured under the facility will be funded by the government. Unsecured loans between MVR 1 million and MVR 2 million will be provided under the facility to procure RSW systems, generators and solar panels.

The facility has a six-month grace period and a 10-year repayment period.

Fisheries Ministry opened applications for the facility on September 21^st. As per the Ministry, they received a total of 31 applications of which they are still currently processing 21 applications. The award letter of the facility was handed over to 12 recipients on Thursday.

President Dr. Mohamed Muizzu handed over the letters to the recipients.

Also on Thursday, a project was launched to establish fuel storages in all atolls of the Maldives.

Speaking at the ceremony, Fisheries Minister Shiyam affirmed that the current administration will resolve the challenges in the fisheries industry within the first three years of this term.