MIFCO seeks $64 million financing from Islamic Development Bank
The funds will be raised through instalment sales and grants.
The Maldives Industrial Fisheries Company (MIFCO) has applied for a $64.65 million financing facility from the Islamic Development Bank (IDB) to enhance fisheries infrastructure.
MIFCO said Sunday that the application, submitted with government assistance, aims to support the sustainable development of the fisheries sector. The financing will be used to expand MIFCO’s infrastructure.
The funds will be raised through instalment sales and grants and will be allocated for the following projects:
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Increasing MIFCO's cold storage capacity
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Expanding fish processing capacity in Kanduohgiri
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Constructing staff accommodation buildings in Lh. Felivaru and GA. Kooddoo
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Training MIFCO employees and stakeholders for capacity-building activities
The projects will be implemented through international competitive bidding under IDB-funded project regulations.
