MIFCO Launches USD 65 Million Project to Strengthen Maldives’ Fisheries Sector

MIFCO has announced a major USD 65 million (MVR 1 billion) project aimed at enhancing the fisheries sector in the Maldives, with funding from the Islamic Development Fund. This initiative will improve various aspects of the industry, including services, storage, and processing capacity.

Key components of the project include the construction of a 1,000-metric-ton cold storage facility and brine storage units at Haa Dhaalu Atoll Ihavandhoo, along with additional storage at Addu Fisheries Complex. Upgrades are also planned for the fish processing unit and power generation at Kanduoihgiri, as well as the development of staff accommodation units at Felivaru and Kooddoo.

In addition, MIFCO will offer training programs for staff and stakeholders, and provide assistance with project management, procurement, and financial audits. The initiative also includes emergency response plans to manage price fluctuations and other challenges.

This project is part of an agreement signed with the Islamic Development Fund in 2019 and reflects MIFCO’s commitment to strengthening the Maldives' fisheries industry.