Indian gov't grants MVR 17.5m under LOC, to expand MIFCO facilities

The government of India has approved USD 17.5 million to expand facilities of Maldives Industrial Fisheries Company (MIFCO).

The High Commission of India in the Maldives made the announcement of Tuesday and added that India in privileged to partner with the government of Maldives to for the expansion of MIFCO facilities.

As such, investment will be covered by the Indian government for the collection, storage facilities, setting up of fish-processing plants and others in Felivaru island of Lhaviyani atoll and Gemanafushi island of Gaaf Alif atoll.

The aid was extended under the USD 800 million line of credit extended by the Indian government to the island nation.

A 50-metric-tonne ice plant will also be established at the facility in Gemanafushi island in an attempt to increase ice storage capacity to 100 metric tonnes.

Consultants for the projects will be allocated by the government of Maldives.

In a press statement, HCI Maldives revealed that the fisheries sector is connected to the Maldivian lifestyles, deeply and is a key pillar of the country’s economic growth.

It is also an important source of employment among the people at a time the country has been severely affected by the Covid-19 pandemic, which has affected livelihoods of the citizens, with a lot of their means of earning having been affected.

HCI stated that it expects the expansion project to pave way for Maldives to access new markets and increase storage and collection capacity of fish as well as increase the efficiency of collection operations, upgrade ice plants and create more income sources.