The government of India has approved the utilisation of the line of credit extended to the Maldives for the expansion of facilities for Maldives Industrial Fisheries Company Limited (MIFCO).
The expansion project of MIFCO includes the establishment of fish collection and storage facilities, a cooked tuna loins plant and a fishmeal plant in Felivaru Fisheries Complex, as well as the establishment of an ice plant and ice storage facility in Gemanafushi, Gaafu Alifu Atoll. The project is estimated to cost USD 18 million.
In a statement, the High Commission of India in the Maldives stated India recognises the sustainable and responsible pole-and-line artisanal fishing in the Maldives, adding the expansion project of MIFCO would be highly beneficial for the fisheries sector of the Maldives. In this regard, the high commission noted the project will benefit the Maldives in accessing new markets, increasing efficiency of fish collection operations and creating greater value addition and additional sources of income.
The high commission further stated India and the Maldives continue to nurture the growing partnership between the two countries in the fisheries sector. As such, the high commission highlighted the establishment of ice plants in Addu City, Kaashidhoo and Gaafaru through Indian grants as well as several capacity building programmes.
The USD 800 million line of credit extended by India aims to facilitate finances for important projects conducted by the government of the Maldives. The projects are chosen by the Maldivian government and approved by the Indian government. The line of credit is offered with favourable terms and conditions for the Maldives, with a repayment tenor of 20 years and a five-year moratorium.