Fisheries Ministry invests MVR 48 million to bolster value-added production
The Fisheries Ministry said that a considerable amount has been invested into marketing products in a manner more accessible to the youth
Fisheries Minister Mohamed Shainee (C)
The Fisheries Ministry had conferred loans of MVR 48 million to fisheries and agricultural corporations in order to bolster the value-added process of production.
A statement publicizing the Fisheries Ministry’s agenda to diversify said industries said that a considerable amount has been invested into marketing products in a manner more accessible to the youth.
As part of the agenda, the Fisheries Ministry had extended its aid scheme with the International Fund for Agricultural Development (IFAD), a United Nations initiative.
The IFAD scheme was extended until March, 2018. The IFAD scheme was used to finance the Fisheries And Agricultural Diversification Programme (FADIP) – a loan scheme – that the Ministry has used to invest in diversification of value-added fisheries and agriculture.
The programme has reportedly given MVR 25 million to corporative societies in the past three years, in addition to enabling eight of these societies to introduce a total of 30 new products into the local market.
