The Maldives Industrial Fisheries Company (MIFCO) has announced plans to borrow USD 64.65 million from the Islamic Development Bank to implement a major project aimed at strengthening the capacity of the Maldivian fisheries sector.

According to a procurement notice published in the Government Gazette on Sunday, the project will involve multiple developments across various locations.

One of the key components is the establishment of a 1,000-metric-tonne cold fish storage facility in Haa Alifu Ihavandhoo, along with a 50-metric-tonne salt-preserved fish storage unit. In addition, a 500-metric-tonne cold fish storage facility and a 50-metric-tonne salt-preserved fish storage unit will be set up at the Addu Fisheries Complex.

The project will also include the development of a 35-metric-tonne fish processing and packaging unit at Kaafu Kanduoiygiri. To support operations, power generation capacity on the island will be increased. Additionally, new staff accommodation units will be built, with 250 units in Noonu Felivaru and 100 units in Gaafu Alifu Kooddoo, ensuring that facilities meet international standards.

As part of efforts to improve operational efficiency, the project will focus on training MIFCO staff and raising awareness among fishermen to enhance overall industry capacity. The company also aims to develop a ten-year business plan and implement an Enterprise Resource Planning (ERP) system to streamline operations. A special project management specialist will be appointed to oversee the implementation, and consulting services will be provided to assist in execution.

The Auditor General’s Office will conduct audits of the project to ensure financial accountability. Additionally, a contingency plan will be developed to address financial challenges arising from disasters. Measures will also be put in place to manage price fluctuations and unforeseen cost increases to ensure the long-term sustainability of the fisheries sector.