MIFCO Disburses USD 65 Million to Fishermen in 2022

Maldives Industrial Fisheries Company Limited (MIFCO) disbursed a total of USD 65 million to fishermen in 2022.

According to statistics, MIFCO bought 64,000MT of fish for USD 65 million in 2022, an increase over the 58,000MT it bought for USD 59 million in 2021.

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The number of fish processed has increased, according to MIFCO, and the fisheries industry has improved. As a result, 2022 saw the highest levels of both fish processed and payments provided to fishermen in the previous 12 years.

The government is working to develop MIFCO, which includes the upgrade project for the Felivaru Fisheries Complex. It involves the construction of a 4,000 MT cold storage facility, a 200 MT brine freezing facility, an 80 MT refrigerated saltwater facility, and a 100 MT fish processing factory, all with the help of the EXIM Bank of India. The project is anticipated to improve MIFCO’s capacity for freezing and cold storage by 48% and 37%, respectively.

The company has also purchased three additional vessels to increase its fish purchasing capacity.

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