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.