Maldives Industrial Fisheries Company (MIFCO) has announced a transformative MVR 1 billion (USD 65 million) project aimed at enhancing the country’s fisheries sector, backed by financing from the Islamic Development Fund. The ambitious initiative is set to improve infrastructure, upgrade services, and strengthen the industry’s operational capacity.
As part of the project, major developments will be undertaken to expand cold storage facilities across key locations. A 1,000-metric-ton cold storage facility and a 50-metric-ton brine storage unit are planned for Haa Dhaalu Atoll Ihavandhoo, while Addu Fisheries Complex will see the establishment of a 500-metric-ton cold storage facility along with a 50-metric-ton brine storage unit. These expansions are expected to significantly improve fish preservation and storage capabilities, benefiting local fishermen and ensuring a more efficient supply chain.
In addition to storage improvements, the initiative will modernize fish processing and power generation at Kanduoihgiri by upgrading its 35-metric-ton fish processing unit. The project also prioritizes staff welfare, with plans to construct 250 staff accommodation units at Felivaru and 100 units at Kooddoo to enhance living conditions for workers.
Recognizing the importance of skill development and operational efficiency, the project will facilitate training programs for MIFCO employees and industry stakeholders, equipping them with the necessary expertise to adapt to evolving industry standards. Furthermore, measures will be implemented to strengthen project management, procurement, and financial oversight, ensuring the successful execution of planned initiatives.0
To address market uncertainties, the project includes a strategic contingency plan to respond to price fluctuations in the fisheries sector. Additionally, financial audits and an emergency response framework will be developed to enhance resilience and long-term sustainability.
MIFCO stated that these initiatives stem from an agreement signed with the Islamic Development Fund in 2019, though adjustments have been made to better align with evolving industry needs. The company reaffirmed its commitment to reinforcing the Maldivian fisheries sector through targeted investments, ensuring long-term growth and stability for one of the nation’s most vital industries.
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