MIFCO has announced a USD 65 million (MVR 1 billion) project with funding from the Islamic Development Fund.
The project aims to enhance the capacity of the fisheries sector in the Maldives by improving services, purchasing equipment, and consulting services.
Components planned under the project:
1. Increasing cold storage capacity, with a 1,000-metric-ton cold storage facility and a 50-metric-ton brine storage unit planned for Haa Dhaalu Atoll Ihavandhoo. Additionally, a 500-metric-ton cold storage facility and a 50-metric-ton brine storage unit will be developed at Addu Fisheries Complex.
2. Upgrading the 35-metric-ton fish processing unit and power generation at Kanduoihgiri, along with constructing 250 staff accommodation units at Felivaru and 100 units at Kooddoo.
3. Training programs for MIFCO staff and stakeholders
4. Assistance in project, procurement, and financial management
5. Development of a contingency emergency response plan
6. Financial audits
7. Emergency response plan for price fluctuations
MIFCO stated that these initiatives are part of an agreement signed with the Islamic Development Fund in 2019. The company also noted that recent changes have been made to the planned projects under this funding.
MIFCO loads fish to weigh at its vessel -- Photo: Fayaz Moosa
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