Maldives Industrial Fisheries Company Limited (MIFCO) has stated an investment of at least USD15 million is required to bring Funaddoo in Thaa Atoll, into operation. MIFCO made the announcement in a letter to the Parliamentary Committee on State-Owned Enterprises.
In a letter to the committee, MIFCO said there are challenges in procuring fish and operating Funaddoo. As such, MIFCO noted USD5.8 million is needed to repair and establish the equipment while an additional USD9.4 million is needed to develop the harbour to facilitate fish purchasing and processing.
Further, MIFCO revealed it does not have the capacity to invest USD15 million for the project. Therefore, MIFCO said it is working to finance the project.
Funaddoo was developed in 2014 by Funaddoo Tuna Products Private Limited to collect, process, and export fish. However, the Bank of Maldives (BML) seized the island after the private company failed to settle outstanding loans, after which the government sought potential corporations capable of operating the fish processing facility. MIFCO bought the facility for USD1.47 million.