A loan of MVR 46.3 million has been granted to STO by the government of Maldives. This loan was granted to the parent company of MIFCO in order to solve issues faced by the Maldivian fisherman and to bring further development to the fishing industry in Maldives.
The loan agreement was signed by Minister of Finance Mr Ahmed Munawar and Managing Director of STO, Mr Ahmed Shaheer in a signing ceremony held at Ministry of Finance.
The MVR 46.3 loan will aid STO in bringing advanced technological developments to help the fisherman active in the fishing industry of Maldives. Different equipment will be bought and restoration of current facilities and infrastructure will be carried out. These works will be done by MIFCO, the subsidiary company of STO.
According to MIFCO, the development of infrastructure will improve the quality of products and help the company and workers in the industry alike. Additionally, the company also plans to buy more efficient equipment that would lower the cost while increasing the ease of work.
Maldives Industrial Fisheries Company (MIFCO), a company specialised in production, processing and marketing of fish and fish products was relocated as a subsidiary of State Trading Organization (STO) in September 2016, by the Maldives Cabinet.