The Ministry of Fisheries, Agriculture and Ocean Resources has revealed that the Maldives' fish cold storage capacity will increase by an additional 10,900 tonnes once seven cold storage projects currently under construction are completed.

Information shared by the Ministry with MMTV shows the projects are being implemented to address one of the fisheries sector's biggest challenges, limited cold storage capacity. The facilities are being developed with financing from the Export-Import Bank of India (EXIM Bank), the Saudi Fund for Development (SFD) and the Islamic Development Bank (IsDB).

Construction of the 4,000-tonne cold storage facilities in Felivaru and Kooddoo is expected to be completed this year. Work on the Felivaru facility has reached 78 per cent completion, while the Kooddoo facility is 25 per cent complete.

The 1,000-tonne cold storage facility in Gaafu Dhaalu Thinadhoo is among the most advanced projects, with 75 per cent of construction completed. The Ministry expects the facility to be fully completed by the end of this year.

Construction of the 1,000-tonne facility in Haa Alifu Ihavandhoo has reached 2 per cent and is scheduled for completion next year.

The 500-tonne cold storage facility in Meemu Mulah has reached 20 per cent completion and is also expected to be completed by the end of this year.

Meanwhile, work on the 200-tonne facility in Kanduoih-giri has reached 10 per cent and is expected to be completed next year, while construction of the 200-tonne facility in Thaa Hirilandhoo is 5 per cent complete and is scheduled for completion in 2027.

Limited cold storage capacity has long been one of the main constraints facing the fisheries sector. During periods of low international fish prices, companies are often forced to export fish immediately due to insufficient storage capacity, limiting their ability to wait for more favourable market conditions.

The additional cold storage capacity is expected to enable fish to be stored when market prices are low and exported when prices improve, allowing fisheries companies to secure better returns and, in turn, offer higher prices to fishermen for their catch.