Ministry of Fisheries, Marine Resources and Agriculture has handed over Funaddu in Thaa Atoll, to the Maldives Industrial Fisheries Company (MIFCO).
Managing Director Ismail Fauzee said MIFCO will begin its work to bring Funaddu to operation after securing funds. He highlighted the poor condition of the harbour and said that it will be designed and developed for long-term use. He further said the company is ready to conduct any work to bring the facility to operation.
MIFCO has stated that USD15 million is needed to bring the fish processing facility in Funaddu into operation. As such, around USD6 million is needed to renovate the facility and USD9 million is needed to develop the harbour.
The facility in Funaddu was developed in 2004 to process and export fish products. Fish processing on the island was previously done by a private company but the work was stalled after the Bank of Maldives (BML) acquired Funaddu after the company failed to repay a loan taken to develop the island. The government entrusted MIFCO with bringing the facility into operation after paying the loan.