Maldives Industrial Fisheries Company Ltd (MIFCO) CEO Ismail Fauzee says that the company had been in debt to fishermen when this government came into power, and that the administration of President Ibrahim Mohamed Solih has now settled all those debts by giving them their dues.
Speaking at RaajjeTV's "Fala Surukhee" program, Fauzee said that MIFCO hadn't just been in debt to the fishermen, but had also owed money to other companies.
However, he said that aside from the bank loan taken to develop Addu Fisheries Complex, MIFCO has now settled all their pending debts.
When this government came into power, MIFCO was in debt to fishermen, but now we've managed to settle all those debts. MIFCO hadn't just been in debt to the fishermen [either]; MIFCO owed money to other State Companies, and had loans that we had taken and been unable to pay back to banks. However, However, aside from the bank loan taken to develop Addu Fisheries Complex, MIFCO has now settled all their pending debts. This is a big achievement."CEO Ismail Fauzee, Maldives Industrial Fisheries Company Ltd (MIFCO)
Now that MIFCO has settled all their debts, Fauzee says they are now free to borrow from banks in order to invest more within the company, alluding to the difficulties faced last year in running MIFCO due to the pending status of large bank loans.
He went on to say that he was sure that they were past such hardship, and that MIFCO operations would only become more efficient in the years to come.
Fauzee also said that they have now received the funds needed to develop MIFCO, referring to an expected growth in infrastructure worth USD 50 million, the work for which is set to begin early next year.
He detailed that 2021 was projected to be the biggest year for the Fisheries Industry as it will be the year where the largest number of Fisheries development and infrastructure ventures are set to commence.