The Maldives Industrial Fisheries Company (MIFCO) has announced plans to construct a fish cannery in Hulhumalé, supported by a USD 65 million loan from the Islamic Development Bank (IsDB).
The decision to relocate the cannery from its originally proposed site in Kandu'oiy Giri Fish Village followed a directive from the cabinet. The move facilitated the allocation of a land parcel in Hulhumalé by the Housing Development Corporation (HDC).
With funding secured, MIFCO has said it is now focusing on completing the necessary administrative procedures. The facility, designed to process up to 35 tonnes of fish, represents a significant advancement in the company's processing capabilities. Once operational, the Hulhumalé cannery is expected to enhance efficiency and contribute to the economic sustainability of the fisheries sector, according to MIFCO.
This project aligns with broader government initiatives. Kandu'oiy Giri, previously central to MIFCO's operations, was reassigned to the Maldives National Defence Force (MNDF) in August 2024.