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MIFCO seeks USD 64.6 million loan assistance from ISDB

Mar 16, 2025, 10:33 AM

Fisheries Minister Ahmed Shiyam. -- Photo: MIFCO

The Maldives Industrial Fisheries Company (MIFCO) has requested a loan assistance of USD 64.6 million from the Islamic Development Bank.

MIFCO said in a statement today that the loan is being sought for a capacity enhancement project.

Plan to use the money:

Increasing cold storage facility at Addu Fisheries Complex
Expanding Kanduoiygiri Cannery
Training of employees to increase capacity
Seeking assistance in consultation and procurement
Conduct a financial audit
Include a contingency emergency response component
Money set aside for sudden expenses

In October last year, Fisheries Minister Ahmed Shiyam claimed that financial assistance from ISDB has been confirmed.

MIFCO's CEO Dr. Vitaliy Lyubimov was dismissed just three months after his appointment was announced.

Former Vice Chief of Defense Force, Brigadier General (retd) Faruhath Shaheer, was appointed as the new CEO.

MIFCO Minister of Fisheries and Ocean Resources Ahmed Shiyam Fisheries

Comments

Fishing in the north slows down due to high oil prices

Apr 2

BKMU Fishermen end week-long protest

Dec 17

Protesting fishers demand President Muizzu and Minister Shiyam's resignation

Dec 14

Fish purchasing price at MVR 16 per kilo

Dec 14

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