The EXIM Bank of India has begun prequalification for the enormous Felivaru upgrade project, which will see Lh. Felivaru acquire a 4,000-ton cold storage facility and the development of a factory capable of processing 100 tons of fish in a single day.
A cold storage, a fish processing factory, a brine freezing facility, a refrigerated sea water facility, a fish meal plant, an ice plant, and other relevant facilities will be built as part of the Felivaru upgrade project.
In addition, a 50-ton ice plant will be built in GA. Gemanafushi as part of the same project. The project is being financed with a USD 800 million credit facility from India’s EXIM Bank.
The Ministry of Economic Development stated that the initiative will more than double MIFCO’s fish processing capacity. In addition, the creation of a cold storage and freezing facility, according to the Ministry, will address several problems faced by fishermen.
The Maldives government stated that the project will aid in the expansion and modernization of the country’s fishing industry, as well as provide various economic benefits.
The Felivaru upgrading project was one of the first initiatives launched by the Maldives government as part of the India line of credit.