Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed Hassan has said the government is working to bring the fish processing facility in Funaddu, Thaa Atoll, into operation.
Speaking at the Parliament of the Maldives, Minister Hassan said major changes need to be made to the harbour and the fish processing facility to bring Funaddu into operation. The minister said the Maldives Industrial Fisheries Company (MIFCO) is working to raise the necessary funds for the renovation. He said an estimated amount of USD10 million would be needed for the renovation of the harbour and the facility.
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 when the company failed to repay a loan taken to develop the island. The government has entrusted MIFCO with the task of bringing the facility into operation after paying the loan.