The Minister of Fisheries, Marine Resources, and Agriculture Dr. Hussain Rasheed Hassan has stated that the fish processing facility in Funaddu, Thaa Atoll, will begin operations in May next year.
Speaking at the Parliament of the Maldives, Minister Hassan said the estimated cost of renovating the facility is USD10 million and that a large part of the harbour in Funaddu will need to be developed before the facility begins operations.
Furthermore, Minister Hassan said that the funds to renovate the facility have not been allocated in the state budget and the government is unable to release the funds due to restrictions in cash flow. He, therefore, said that Maldives Industrial Fisheries Company Limited (MIFCO) has been instructed to obtain the necessary funds through the banking system. As such, he said MIFCO has been in discussions with banks to take a loan but that it will take two months to complete the process. He further said an assessment has determined that the renovation work can be completed within eight months.
The facility in Funaddu was developed in 2004 to process and export fish products. The 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.