The Maldives Industrial Fisheries Company (MIFCO) has disbursed USD29 million to fishermen so far this year.
Statistics show that MIFCO purchased 26,954MT of fish as of April 21, which is a 14% increase compared to the same period last year, in which MIFCO purchased 23,732MT for USD25 million. Most of the fish were processed at the Kooddoo Fisheries Complex. As such, 20,227MT were purchased for USD22 million at the facility while 3,577MT of fish were purchased for USD3.5 million at the Felivaru Fisheries Complex, and 3,151MT of fish were purchased for USD3.4 million at the Addu Fisheries Complex.
MIFCO has stated that the fisheries sector is generating revenue without any significant issues. The state-owned company aims to expand its fish processing capacity by procuring additional vessels and constructing facilities in various regions of the country to meet the growing demand resulting from increased productivity among fishermen.
MIFCO also plans to bring the fish processing facility in Funaddu, Thaa Atoll, to operation after securing funds. It stated that USD15 million is needed for the project, which includes USD6 million needed to renovate the facility and USD9 million needed to develop the harbour.