The facilities of MIFCO is subjected to new developments with the issuing of USD 800 million to the Maldives as Line of Credit, by India.
Under the financial assistance provided, it has been decided to develop a storage facility for the preservation of fish with an inbuilt tuna loins plant and a fish meal plant. It has further been planned to develop an ice plant of 50 metric tonnes along with an ice storage of 100 metric tonnes in GA. Gemanafushi.
According to the Indian High Commission in Maldives, the value of this project stands at USD 18 million and the consultants for the project will be decided by the Maldivian government.
The commission is convinced that the line and pole fishing in Maldives is executed in a sustainable and responsible manner. It stated that with this assistance, they hope to further extend the fishing industry in the Maldives.
India provided USD 800 million to Maldives with a moratorium period of 5 years, along with 20 years to pay the amount. The projects planned under the line of credit issued will be executed once the government receives approval on its decided projects from the Indian Government.
