The Exim Bank of India has commenced the prequalification process for the project to upgrade the Felivaru Fisheries Complex operated by Maldives Industrial Fisheries Company Limited (MIFCO).
In a press statement, the Ministry of Economic Development revealed the Felivaru upgrading project, which is carried out under the assistance of the Exim Bank of India, includes development of a 4000 MT cold storage facility, a 200 MT brine freezing facility, an 80 MT refrigerated seawater facility, as well as 100 MT fish processing factory. The economic ministry revealed the Exim Bank has commenced the prequalification of contractors for the project.
One of the main difficulties faced by local fishermen is the limited processing capacity available in the Maldives, forcing most of the catch to be exported as frozen tuna which reduces the income generated from fishing. The economic ministry said the new project launched in Felivaru will increase MIFCO’s processing capacity by more than two-fold. The ministry said the project will also increase the storage capacity of the Felivaru Fisheries Complex, allowing MIFCO to purchase more fish from local fishing vessels.
The government has been undertaking several projects to boost the fisheries sector of the Maldives. As such, projects are underway across multiple islands to develop fish mills, ice plants and other facilities operated by MIFCO.