Land has been officially handed over for the development of a new fish processing and packaging facility in Hulhumalé, aimed at boosting the Maldives’ fisheries sector.

The facility, which will focus on the processing and packaging of yellowfin tuna, is a key project under the Government’s initiative to strengthen the country’s fishing industry. It will be developed by the Maldives Industrial Fisheries Company Limited (MIFCO) in partnership with the Islamic Development Bank (IsDB).

Originally planned for development in Kanduoiygiri, the project was later relocated to Hulhumalé after land was secured there. The IsDB is providing financial assistance through a loan for the project, which is expected to increase MIFCO’s processing capacity by 35 tonnes of fish per day.

The land handover agreement was signed between the Housing Development Corporation (HDC), the Ministry of Finance and Planning, and the Ministry of Fisheries and Ocean Resources. HDC’s Managing Director, Ali Zuhair, signed on behalf of HDC, Minister of State for Finance and Planning Hussain Sham signed on behalf of the Finance Ministry, and Minister Ahmed Shiyam signed on behalf of the Fisheries Ministry.

Speaking at the signing ceremony, Minister Shiyam said construction work on the facility will begin this year and is expected to be completed next year. He added that the project will bring significant benefits to local fishermen once operational.