The Maldives Industrial Fisheries Company Limited (MIFCO) has applied for USD64.65 million equivalent from the Islamic Development Bank (IDB) to finance its mega capacity building project.
MIFCO said the funds will be utilised in its Maldives Fish Sector Capacity Strengthening Project while part of the proceeds will go towards payments for goods, works, related services and consulting services to be procured under this project.
This project will be jointly financed by the Maldives government, MIFCO said.
According to MIFCO, the project comprises seven components which increasing cold storage capacity through the development of a 1000 metric tonne cold storage with 50 metric tonne brine freezing at Ihavandhoo and a 500 MT metric tonne cold storage with 50 metric tonne brine freezing at Addu Fisheries Complex to preserve fish quality and reduce spoilage.
Enhancing fish processing capacity by expanding the Kandu-Oiy-Giri cannery facility with a 35 metric tonne Fish Processing Unit and Power Generation Upgrading, along with constructing staff accommodations at Felivaru (250 units) and Kooddoo (100 units) to ensure international living standards are also part of the project.
The project also includes capacity development, including training programs for staff and stakeholders, sensitisation of fishermen and developing a 10-year business plan.
According to MIFCO, specific procurement notices for contracts to be bid under the IDB’s international competitive bidding for contracts and consultancy services will be announced, as they become available.
The government has initiated several key projects to advance the fisheries sector, including the establishment of cold storages and processing plants.