MIFCO has unveiled a significant project worth USD 65 million (MVR 1 billion), financed by the Islamic Development Fund. This initiative is designed to boost the fisheries sector's capacity in the Maldives through a combination of improved services, equipment purchases, and expert consulting.

The key components of the project include:

1. 
   

   Cold Storage Capacity Expansion: A 1,000-metric-ton cold storage facility and a 50-metric-ton brine storage unit are set to be constructed in Haa Dhaalu Atoll Ihavandhoo. Additionally, a 500-metric-ton cold storage facility and a 50-metric-ton brine storage unit will be developed at the Addu Fisheries Complex.

   
   


2. 
   

   Upgrades to Fish Processing and Infrastructure: The 35-metric-ton fish processing unit at Kanduoihgiri will undergo enhancements, alongside power generation improvements. Furthermore, 250 staff accommodation units will be built at Felivaru, with an additional 100 units planned for Kooddoo.

   
   


3. 
   

   Training Programs: MIFCO will implement training initiatives aimed at developing the skills of its staff and stakeholders.

   
   


4. 
   

   Project Support Services: The project will include assistance in areas such as project management, procurement, and financial oversight.

   
   


5. 
   

   Contingency Planning: A contingency emergency response plan will be developed to address unforeseen events or challenges.

   
   


6. 
   

   Financial Audits: Routine audits will be conducted to ensure financial transparency and accountability.

   
   


7. 
   

   Emergency Response for Price Fluctuations: An emergency plan will be put in place to manage potential price fluctuations in the market.

   
   

MIFCO highlighted that this project is part of a larger agreement with the Islamic Development Fund, initially signed in 2019. The company also noted that some modifications have been made to the originally planned components under this funding.