Maldives Industrial Fisheries Company Limited (MIFCO) has been tasked to bring to operation the ish processing facility in Funaddu, Thaa Atoll.
The facility in Funaddu was developed in 2004 to process and export fish products. As such fish processing on the island was previously done by a private company but was stalled after the Bank of Maldives (BML) acquired Funaddu after the company failed to repay a loan taken to develop the island.
The Chief Executive Officer (CEO) of MIFCO Ismail Fauzee said the government has made the necessary payments to BML to hand over operations in Funaddu to MIFCO. He highlighted plans for the island, including building a 1,500tonne cold storage facility and freezers, as well as renovating the harbour. He said the island will come to operation within 10 months, making it easier for fishermen in Thaa Atoll to sell their catch.