Maldives Industrial Fisheries Company Limited (MIFCO) has stated over USD 4.5 million have been paid to fishermen so far this year.
Speaking to PSM News, CEO of MIFCO Ismail Fauzee said the amount of fish purchased by the company this January has increased significantly compared to the same period last year. Noting MIFCO had collected an average of 3,000 tonnes of fish per month last year, Fauzee said the company has already bought 4,718 tonnes of fish within the first 24 days of 2021. He revealed over USD 4.5 million have been paid to fishermen so far this year.
Fauzee further stated the expansion projects planned for this year would help to further strengthen MIFCO’s operations. He noted USD 15 million worth of projects will be conducted for the expansion of MIFCO’s services.
The MIFCO expansion projects are conducted under the USD 800 million line of credit facility extended by India. Projects planned under the line of credit facility include the establishment of a storage facility, tuna cooked loins plant and a fishmeal plant in Felivaru Fisheries Complex, and the establishment of a 50 metric-tonne ice plant and a 100-metric-tonne ice storage facility in Gemanafushi, Gaafu Alifu Atoll.