The Islamic Development Bank (ISDB) has approved financial assistance for the Maldives Industrial Fisheries Company (MIFCO) to support various projects across the country.

With the backing of the Maldivian government, MIFCO had requested a loan of USD 64.6 million from ISDB, and the agreement has already been signed. According to MIFCO, the funds will be used for seven key projects aimed at strengthening the fisheries sector. These include establishing 500 metric tonnes of cold storage at Ihavandhoo and Addu Fisheries Complexes, setting up a 50-metric-tonne brine freezing capacity, operationalising Kanduoiygiri, developing staff accommodation on selected islands, and conducting training programmes for MIFCO employees.

The Ministry of Fisheries has also announced several initiatives to boost the fishing industry this year. Major projects, including a Kannelli factory in Hulhumalé and fish factories in Fiyoaree and Ihavandhoo, are set to begin construction. The government aims to expand the country’s fish storage capacity to 25,000 tonnes, ensuring better infrastructure and support for the fisheries sector.