MIFCO seeking funds for Funaddu Fisheries Complex restoration

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Th. Funaddu harbour (Photo / MIFCO)

Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed Hassan has assured Maldives Industrial Fisheries Company (MIFCO) is working on securing the required funds to fully restore the Fisheries Complex in Thaa Atoll Funaddu and bring it into operation.

Fisheries Minister made the remarks while responding to a question posed by Abdulla Riyaz, the Parliament Member of Thimarafushi Constituency.

Minister Dr. Hussain noted a massive upgrade is required to its facilities and the harbour in order to bring the fisheries complex into operation. He assured MIFCO is working on securing the required funds for the development.

“Funaddu has the fish processing capacity. However, MIFCO has highlighted a major upgrade is required for the harbour and the facilities in order to bring it into operation again. Moreover, the ice plant on the island is no in working condition, and requires an upgrade. Funds are required for the restoration and the upgrades,” Minister said.

Previously, the Fisheries Ministry revealed MVR 157.3 million (USD 10.2 million) is required for the upgrading project in Funaddu.

Funaddu was initially developed as a fish processing complex in 2004. An upgrade and bringing the island into operation would benefit the fishermen in Thaa Atoll.

The works of the privately operated Funaddu have been stalled for a long period. The island has been taken over by BML as the loan taken for the development wasn’t paid by the owner. The government has entrusted MIFCO with the task of bringing the facility into operation after paying the bank.

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