The Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed Hassan recently told Maldives Parliament that the fishing facility in Thaa atoll Funaddu will be operational sometime in 2023.
The fisheries facility in Funaddu is operated by Maldives Industrial Fisheries Company (MIFCO).
The minister’s response was directed to Thimarafushi MP Abdulla Riyaz who submitted request for a written response from the minister.
In his written response, the minister attested that the facility will become operational following eight months of refurbishments works.
“The loan is expected to be arranged and fish collection in Funaddu expected to commence in May 2023,” the minister responded.
Assessments on the industrial island revealed that the harbor required major repairs before the facility can be brought up to operational standards.
“It has been identified that given the current condition of the harbor, there are some major challenges to exporting or transporting out the fish purchased by the facility. It is estimated that the repair of the facility, including work on the harbor, in order to make the facility operational, will cost USD10.2 million (MVR157.3 million),” Dr. Hassan further explained.
Meanwhile, the minister held discussions with the Ministry of Finance on securing funds for the Funaddu facility renovation.
Dr. Hassan confirms that the non-allocation of specific funds for the project in the 2021 budget hindered prospects for a prompt funding.
“Because of the difficulties in releasing the required funds from the state budget, MIFCO has been instructed to secure the funds through the banking system,” the minister said while adding that MIFCO is currently engaged in discussions with commercial banks to secure a loan.
The fisheries company is facing plight in securing a loan owing to its below-average fiscal performances in recent years.