Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed Hassan has revealed that two fish canning factories will be established in the southern region. He made the remark at a ceremony held to officially inaugurate the new fish processing vessel of the Maldives Industrial Fisheries Company (MIFCO).
The development of the two fish canning factories will be funded by the World Bank, which recently approved a USD64.8 million project to strengthen regional fisheries management in the South-West Indian Ocean (SWIO) region and to improve the competitiveness of the fisheries sector in the Maldives. The total financing is comprised of a USD12 million grant to the Indian Ocean Commission, as well as a USD26.4 million grant and a USD26.4 million credit to the Maldives from the International Development Association (IDA), the World Bank’s concessional credit window for developing countries.
At the event, Minister Hassan said the funds will be used to launch projects to develop the fisheries sector in the south and that the development of the two fish canning factories will be opened for bidding soon. He said a grant has been secured to fund 30% of the project to develop the factories, which are estimated to process 25-30 tonnes of fish per day. He said the ministry will soon hold meetings with parties interested in developing the factories.
The government is working to reduce the number of raw fish exports due to the low-profit margin. Therefore, the development of the two fish canning factories is part of the government’s efforts to export value-added or processed fish products.